<SEC-DOCUMENT>0000950157-23-000536.txt : 20230517
<SEC-HEADER>0000950157-23-000536.hdr.sgml : 20230517
<ACCEPTANCE-DATETIME>20230517084707
ACCESSION NUMBER:		0000950157-23-000536
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20230515
FILED AS OF DATE:		20230517
DATE AS OF CHANGE:		20230517

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:		23929730

	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>form6-k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="font-family: 'Times New Roman';">&#160;</div>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
    <div style="font-family: 'Times New Roman';">&#160;</div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
    </div>
    <div style="font-family: 'Times New Roman';">&#160;</div>
    <div>
      <div style="text-align: center; font-family: 'Times New Roman';">For the month of May 2023</div>
      <div style="text-align: center; font-family: 'Times New Roman';">Commission File Number: 001-33869</div>
      <div style="text-align: center; font-family: 'Times New Roman';">&#160;</div>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 24pt; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
    <div>
      <div style="text-align: center; font-family: 'Times New Roman';">(Translation of registrant&#8217;s name into English)</div>
    </div>
    <div style="font-family: 'Times New Roman';">&#160;</div>
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      <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">Star Bulk Carriers Corp.</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">c/o Star Bulk Management Inc.</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">40 Agiou Konstantinou Street,</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">15124 Maroussi,</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">Athens, Greece</div>
      <div style="text-align: center; font-family: 'Times New Roman';">(Address of principal executive offices)</div>
    </div>
    <div style="font-family: 'Times New Roman';">&#160;</div>
    <div>
      <div style="text-align: center; font-family: 'Times New Roman';">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 style="text-align: center; font-family: 'Times New Roman';">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman';">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 style="text-align: center; font-family: 'Times New Roman';">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman';">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 style="text-align: center; font-family: 'Times New Roman';">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman';">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>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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 &#8220;Company&#8221;) as of and for the three months ended March 31, 2022 and 2023.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Attached as Exhibit 99.2 to this Form 6-K is a copy of the Company's press release (the &#8220;Press Release&#8221;) announcing its unaudited financial and operating results for
        the Company's three months ended March 31, 2023, which was issued on May 16, 2023.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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), in each case to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we
        incorporate such furnished information by reference) by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.</div>
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    <div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">This Form 6-K, and the documents to which the Company refers in this Form 6-K, as well as information included in oral statements or other written statements made or to
        be made by the Company, contain &#8220;forward-looking statements,&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the Exchange Act, with respect to our financial condition, results
        of operations and business and our expectations or beliefs concerning future events. Words such as, but not limited to, &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;likely,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;could&#8221; and
        similar expressions or phrases may identify forward-looking statements.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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>
    </div>
    <div><br>
    </div>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';"><font style="font-family: Times New Roman">&#9679;</font></td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">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="z6dee3772ec5e400a84baf20d35b0a683">

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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">the stability of Europe and the Euro;</div>
          </td>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">fluctuations in currencies, interest rates and foreign exchange rates, and the impact of the discontinuance of remaining London Interbank Offered Rate tenors 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: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">business disruptions due to natural and other disasters or otherwise, such as the ongoing novel coronavirus (&#8220;COVID-19&#8221;) pandemic (and variants that may emerge);</div>
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    <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="z765807db4a30447589a578cbda10b650">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">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>

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    <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="z18aa7509a25b448b80d8f4a652ecf050">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of new buildings under construction;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">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>
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    <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="z56fd04bea32d496aa8692c8b8ec831bb">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">changes in our expenses, including bunker prices, dry docking, crewing and insurance costs;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;)
              practices;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">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 2022&#894;</div>
          </td>
        </tr>

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">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>
          </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="ze2ca18ca044f4f459f1bf9e63188188d">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">potential cyber-attacks which may disrupt our business operations;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">general domestic and international political conditions or events, including &#8220;trade wars&#8221; and the ongoing conflict between Russia and Ukraine;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments;</div>
          </td>
        </tr>

    </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="zff9c15720a944ae7adbe570e01b5e25f">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">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>
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            <div style="font-family: 'Times New Roman';">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>
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            <div style="font-family: 'Times New Roman';">the availability of financing and refinancing;</div>
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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
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            <div style="font-family: 'Times New Roman';">the failure of our contract counterparties to meet their obligations;</div>
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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
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            <div style="font-family: 'Times New Roman';">our ability to meet requirements for additional capital and financing to grow our business;</div>
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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">the impact of our indebtedness and the compliance with the covenants included in our debt agreements;</div>
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          <td style="width: 36pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
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            <div style="font-family: 'Times New Roman';">vessel breakdowns and instances of off-hire;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
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            <div style="font-family: 'Times New Roman';">potential exposure or loss from investment in derivative instruments;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">our ability to complete acquisition transactions as and when planned and upon the expected terms;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">the impact of port or canal congestion or disruptions; and</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9679;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman';">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 (&#8220;SEC&#8221;).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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 2022, filed with the SEC on March 7, 2023.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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, whether as a result of new information, future events, a change
        in the Company&#8217;s views or expectations or otherwise, except as required by applicable law. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact
        of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.</div>
    </div>
    <div><br>
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    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">SIGNATURE</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Dated: May 17, 2023</div>
    </div>
    <div><br>
    </div>
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            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td colspan="3" style="vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">COMPANY NAME</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
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            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td colspan="3" style="vertical-align: bottom;">&#160;</td>
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            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
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            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman';">By:</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman';">/s/ Simos Spyrou</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">Name:</div>
          </td>
          <td style="width: 31%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">Simos Spyrou</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">Title:</div>
          </td>
          <td style="width: 31%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">Co-Chief Financial Officer</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>

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    </div>
    <div>
      <div><br>
      </div>
    </div>
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    <div><br>
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        <tr>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Exhibit</div>
            <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Number</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 89%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 1.16%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';"><a href="ex99-1.htm">99.1</a></div>
          </td>
          <td style="width: 1.16%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="font-family: 'Times New Roman';"><a href="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, 2022 and 2023.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';"><a href="ex99-2.htm">99.2</a></div>
          </td>
          <td style="width: 1.16%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="font-family: 'Times New Roman';"><a href="ex99-2.htm">Press Release dated May 16, 2023.</a></div>
          </td>
        </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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, 2022 and 2023. 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, 2022, which was filed with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on March 7, 2023 (the &#8220;2022 Annual Report&#8221;). Unless otherwise defined herein, capitalized words and expressions used herein
      shall have the same meanings ascribed to them in the 2022 Annual Report. This discussion includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause
      actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Overview</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Our Fleet</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">During the first quarter of 2023, we agreed with the war risk insurers of the vessel <font style="font-style: italic;">Star Pavlina</font>, that the vessel became a
      constructive total loss on February 24, 2023, given its prolonged detainment in Ukraine following the commencement of Russia&#8217;s military action against Ukraine on February 24, 2022.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">On March 24, 2023, we agreed to sell the vessels <font style="font-style: italic;">Star Borealis</font> and <font style="font-style: italic;">Star Polaris</font>.
      The <font style="font-style: italic;">Star Borealis</font> was delivered to its new owner on May 4, 2023, while the delivery of Star Polaris is expected to occur by end of May 2023 or early June 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">As of May 12, 2023 and as adjusted for the delivery of <font style="font-style: italic;">Star Polaris</font> as further discussed above, our owned&#160;fleet consisted of
      125 operating vessels with an aggregate carrying capacity of approximately 13.6 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">The following tables present summary information relating to our fleet as of May 12, 2023 (as adjusted for the delivery of <font style="font-style: italic;">Star
        Polaris</font> to its new owners as discussed above):</div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; 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: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
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    <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;"><u>Operating Fleet:</u></div>
    <div><br>
    </div>
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        <tr>
          <td nowrap="nowrap" style="width: 4.75%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
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            <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">1</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Pearl Shiptrade LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Gargantua (1)</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">209,529</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">April 2, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">2</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Ennea LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Gina 2GR</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">209,475</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">February 26,&#160;2016</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">3</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Coral Cape Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Maharaj (1)</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">209,472</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 15, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">4</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Sea Diamond Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Goliath (1)</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">209,537</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 15, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">5</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Castle&#160;II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Leo</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,939</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">May 14, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">6</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY Eleven LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Laetitia</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,896</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">7</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Domus Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Ariadne</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,812</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 28, 2017</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">8</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Breezer LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Virgo</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,810</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 1, 2017</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">9</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Seeker LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Libra</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,765</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">June 6, 2016</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">10</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY Nine LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Sienna</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,721</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">11</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Clearwater Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Marisa</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,709</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 11 2016</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">12</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY Ten LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Karlie</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,566</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">13</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Castle&#160;I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Eleni</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,555</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">14</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Festive Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Magnanimus</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">207,526</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 26, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">15</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">New Era II Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Debbie H</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">206,861</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">May 28, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">16</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">New Era III Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Ayesha</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">206,852</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 15, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">17</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">New Era I Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Katie K</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">206,839</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">April 16, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">18</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Cape Ocean Maritime LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Leviathan</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">182,511</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">September&#160;19, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">19</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Cape Horizon Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Peloreus</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">182,496</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;22, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">20</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Claudine</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">181,258</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">21</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Ophelia</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">180,716</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">22</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Sandra Shipco LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Pauline</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">180,274</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December 29, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">23</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Christine Shipco LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Martha</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">180,274</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">October 31, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">24</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Pacific Cape Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Pantagruel</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">180,181</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">25</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor III LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Lyra</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">179,147</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">26</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Regg V LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Borneo</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">178,978</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 26, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">27</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Regg VI LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Bueno</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">178,978</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 26, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">28</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Regg IV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Marilena</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">178,978</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 26, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">29</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Regg I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Marianne</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">178,906</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 14, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">30</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Regg II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Janni</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">178,978</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 7, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">31</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident V LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Angie</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">177,931</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">October 29, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">32</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Sky Cape Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Big Fish</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">177,662</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">33</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Global Cape Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Kymopolia</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">176,990</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">34</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XXV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Triumph</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">176,343</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December 8, 2017</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">35</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY Fourteen LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Scarlett</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">175,649</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">36</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY Fifteen LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Audrey</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">175,125</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">37</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Sea Cape Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Big Bang</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">174,109</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">38</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Paola</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">115,259</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">&#160;</div>
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          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 25%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
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          <td nowrap="nowrap" style="width: 20%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
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          <td nowrap="nowrap" style="width: 10.01%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 15%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 15%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">39</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 236, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABM One LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Eva</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">106,659</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">40</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Nautical Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Amami</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">98,681</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">41</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Majestic Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Madredeus</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">98,681</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">42</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Sirius LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Sirius</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">98,681</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March&#160;7, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">43</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Vega LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Vega</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">98,681</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">February&#160;13, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">44</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Aphrodite</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">92,006</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">45</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Augustea Bulk Carrier LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Piera</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">91,951</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">46</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Augustea Bulk Carrier LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Despoina</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">91,945</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">47</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident&#160;I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Kamila</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,769</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">September&#160;3, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2005</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">48</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor IV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Electra</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">83,494</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">49</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Alta I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Angelina</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,981</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December 5, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">50</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Alta II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Gwyneth</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,790</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December 5, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">51</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor VI LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Luna</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,687</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">52</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor V LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Bianca</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,672</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">53</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Grain Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Pendulum</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,619</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">54</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XIX LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Maria</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,598</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">November 5, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">55</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Markella</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,594</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">September&#160;29, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">56</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY Seven LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Jeanette</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,566</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">57</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident IX LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Danai</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,574</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">October 21, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">58</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Sun I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Elizabeth</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,403</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">May 25, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">59</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XI LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Georgia</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,298</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">October 14, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">60</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident VIII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Sophia</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,269</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">October 31, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">61</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XVI LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Mariella</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,266</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">September&#160;19, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">62</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XIV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Moira</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,257</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">November 19, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">63</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident X LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Renee</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,221</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December 18, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">64</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XIII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Laura</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,209</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December 8, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">65</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Jennifer</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,209</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">April 15, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">66</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor VIII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Mona</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,188</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">67</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident&#160;II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Nasia</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,220</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August&#160;29, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">68</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor VII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Astrid</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,158</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">69</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XVII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Helena</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,187</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December 29, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">70</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XVIII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Nina</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">82,224</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 5, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">71</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Waterfront Two LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Alessia</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,944</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">72</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor IX LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Calypso</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,918</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">73</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Elpis LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Suzanna</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,711</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">May 15, 2017</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">74</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Gaia LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Charis</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,711</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 22, 2017</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">75</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Mineral Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Mercurial Virgo</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,545</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">76</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor X LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Stardust</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,502</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">77</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor XI LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Sky</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,466</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">78</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Zeus VI LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Lambada</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,272</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 16, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">79</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Zeus I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Capoeira</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,253</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 16, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">80</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Zeus II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Carioca</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,262</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 16, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">81</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Zeus VII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Macarena</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,198</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 6, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">82</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY III LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Lydia</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,187</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">83</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY IV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Nicole</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,120</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">84</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY Three LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Virginia</div>
          </td>
          <td style="width: 10.01%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">81,061</div>
          </td>
          <td style="width: 24.65%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>

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      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">&#160;</div>
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          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
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          <td nowrap="nowrap" style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">&#160;</div>
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          <td style="width: 25%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Date</div>
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          <td nowrap="nowrap" style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
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        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">85</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor XII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Genesis</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">80,705</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">86</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor XIII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Flame</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">80,448</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">87</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident&#160;III LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Iris</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">76,466</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">September&#160;8, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">88</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident XX LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Emily</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">76,417</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">September&#160;16, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">89</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Orion Maritime LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Idee Fixe</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">63,458</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 25, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">90</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Primavera Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Roberta</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">63,426</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 31, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">91</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Success Maritime LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Laura</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">63,399</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">April 7, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">92</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Zeus III LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Athena</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">63,371</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">May 19, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">93</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Ultra Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Kaley</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">63,283</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">June 26, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">94</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Blooming Navigation LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Kennadi (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">63,262</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 8, 2016</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">95</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Jasmine Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Mackenzie (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">63,226</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 2, 2016</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">96</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida I Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Apus</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">63,123</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 16, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">97</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Zeus V LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Bovarius</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: 'Times New Roman';">61,602</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 16, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">98</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Zeus IV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Subaru</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; font-family: 'Times New Roman';">61,571</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">March 16, 2021</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">99</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor XV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Wave</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">61,491</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">100</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Challenger&#160;I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Challenger (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">61,462</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December&#160;12, 2013</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">101</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Challenger&#160;II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Fighter (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">61,455</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December&#160;30, 2013</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">102</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Aurelia Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Honey Badger (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">61,320</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">February 27, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">103</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Axe&#160;II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Lutas (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">61,347</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January 6, 2016</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">104</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Rainbow Maritime LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Wolverine (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">61,292</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">February 27, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">105</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Axe I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Antares (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">61,258</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">October 9, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">106</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">ABY Five Ltd</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Monica</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">60,935</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 3, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">107</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Asia&#160;I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Aquarius</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">60,916</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 22, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">108</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Asia&#160;II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Pisces (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">60,916</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 7, 2015</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">109</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Nor XIV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Glory</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">58,680</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 6, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">110</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida XI Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Pyxis</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,615</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 19, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">111</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida VIII Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Hydrus</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,604</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">August 8, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">112</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida IX Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Cleo</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,582</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 15, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">113</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Trident VII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Diva</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,582</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 24, 2017</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">114</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida VI Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Centaurus</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,559</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">September 18, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">115</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida VII Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Hercules</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,545</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 16, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">116</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida X Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Pegasus</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,540</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 15, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">117</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida III Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Cepheus</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,539</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 16, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">118</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida IV Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Columba</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,530</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 23, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">119</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida V Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Dorado</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,507</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 16, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">120</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Lida II Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Aquila</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">56,505</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July 15, 2019</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">121</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Regg III LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Bright</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">55,569</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">October 10, 2018</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">122</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Glory Supra Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Strange Attractor</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">55,742</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">July&#160;11, 2014</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">123</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Omicron LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Omicron</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">53,489</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">April&#160;17, 2008</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2005</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">124</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Zeta LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Zeta</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">52,994</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">January&#160;2, 2008</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2003</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman';">125</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Star Theta LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-style: italic;">Star Theta</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">52,425</div>
          </td>
          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">December&#160;6, 2007</div>
          </td>
          <td style="width: 15%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman';">2003</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 25%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 20%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Total dwt</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">13,630,651</div>
          </td>
          <td nowrap="nowrap" style="width: 25%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <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;" class="DSPFListTable" id="za12d565dde83476a92c549f140625a14">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman';">Subject to a sale and leaseback financing transaction as further described in Note 7 to our consolidated financial statements included in the 2022 Annual Report.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman';">In addition, we have entered into long-term charter-in arrangements with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during
      2024 with an approximate duration of seven years per vessel plus optional years. Furthermore, in November 2021 we took delivery of the Capesize vessel <font style="font-style: italic;">Star Shibumi</font>, under a long-term charter-in contract for a
      period up to November 2028. Please see below a summary table of the respective contracts:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z84436d7526514cf5bbaaf6b70b07f491">

        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">#</div>
          </td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Name</div>
          </td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">DWT</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Built</div>
          </td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Yard</div>
          </td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Country</div>
          </td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Delivery / Estimated Delivery <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Minimum Period</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">1</div>
          </td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Star Shibumi</div>
          </td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">180,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2021</div>
          </td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">November 2021</div>
          </td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">November 2028</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2</div>
          </td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">NB Kamsarmax # 1</div>
          </td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Tsuneishi</div>
          </td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Q1 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">3</div>
          </td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">NB Kamsarmax # 2</div>
          </td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Tsuneishi</div>
          </td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Q4 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">4</div>
          </td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">NB Kamsarmax # 3</div>
          </td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Q2 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">5</div>
          </td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">NB Kamsarmax # 4</div>
          </td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Q3 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">6</div>
          </td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">NB Ultramax #1</div>
          </td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">66,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Philippines</div>
          </td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Q1 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">7</div>
          </td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">NB Ultramax #2</div>
          </td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">66,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Philippines</div>
          </td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Q4 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">640,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 16.49%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 6.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 13.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 26.36%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td colspan="8" style="width: 100%; vertical-align: bottom; font-size: 9pt;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">(1) We have also entered into a charter-in agreement for the vessel Tai Kudos which is expected to be redelivered to its owners in October 2023.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Liquidity and Capital Resources</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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 from new debt and refinancings as well as equity financings.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Our medium- and long-term liquidity requirements are funding the equity portion of our newbuilding vessel installments and secondhand vessel acquisitions, if any,
      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. <font style="color: #000000;">Please also refer to Note 12 to our unaudited interim condensed consolidated financial statements, included
        elsewhere herein, for further discussion on our commitments as of March 31, 2023.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">As of May 12, 2023, we had total cash of $374.5 million and outstanding borrowings (including bareboat lease financing) of $1,231.9 million, pro forma for the proceeds
      from vessel sales, repayment of loans/leases and drawdown of new loans, as further described in Notes 8 and 15 to our unaudited interim condensed consolidated financial statements as of March 31, 2023, included herein. In addition, following a number
      of interest rates swaps that we have entered into, we have converted a total of $636.5 million of such debt from floating to an average fixed rate of 45 bps with average maturity of 1.0 year.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Our debt agreements contain financial covenants and undertakings requiring us to maintain various ratios. A summary of these terms is included in Note 8 of the
      Company&#8217;s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">We believe that our current cash balance and our operating cash flows to be generated over the short-term period will be sufficient to meet our liquidity needs for the
      foreseeable future (and at least through the end of the second quarter of 2024), including funding the operations of our fleet, capital expenditure requirements and any other present financial requirements, including the cost for the installation of
      ballast water treatment systems (&#8220;BWTS&#8221;) and Energy Saving Devices (&#8220;ESD&#8221;). In addition we may sell and issue shares under our two effective At-the-Market offering programs of up to $150.0 million at any time and from time to time. As of May 12,
      2023, cumulative gross proceeds under our At-the-Market offering programs were $20.2 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. 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. Our liquidity is also impacted by our dividend policy, as discussed below.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">The 2019 Novel Coronavirus (&#8220;COVID-19&#8221;) pandemic resulted in a significant reduction in global economic activity and extreme volatility in the global financial market.
      During the second half of 2022, rates declined from highs seen earlier in the year as China&#8217;s COVID-related lockdown measures intensified. After a seasonal decline in charter rates during the first quarter of 2023, Capesize and Supramax spot earnings
      began to rebound in March 2023 partially driven by China&#8217;s economic reopening. There continues to be a high level of uncertainty relating to how the COVID-19 pandemic will evolve, the evolution and emergence of existing and future 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. As a result of the
      COVID-19 pandemic restrictions imposed since 2020, additional crew expenses have been incurred. An increase in the severity or duration or a resurgence of the COVID-19 pandemic and any significant disruption of wide-scale vaccine distribution 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>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Dividend Policy</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Our dividend policy is described in Item 8. Financial Information-A. Consolidated statements and other financial information&#8212;Dividend Policy of our 2022 Annual Report.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">As of March 31, 2023, our aggregate amount of cash on our balance sheet was $254.6 million and after giving effect to the share repurchases and the prepayments of debt
      in connection with the changes in our fleet as described under section &#8220;Our Fleet&#8221; above, that took place during the first quarter of 2023, the cash available for distribution under our dividend policy was $306.0 million. Taking into account the
      Minimum Cash Balance per Vessel, as defined in our 2022 Annual Report, on May 16, 2023, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.35 per share, payable on or about June 27, 2023 to all
      shareholders of record as of June 7, 2023. The ex-dividend date is expected to be June 6, 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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 in the future will depend on its subsidiaries&#8217; ability to distribute funds 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.
      There can be no assurance that our Board of Directors will declare or pay any dividend in the future.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Other Recent Developments</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Please refer to Note 15 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for developments that took place after March
      31, 2023.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Operating Results</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Factors Affecting Our Results of Operations</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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" id="z16df7a31d8c948f1a6d7123b952533f8" 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 style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </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: #000000 solid 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Three-month period ended March 31,</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" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman'; font-style: italic;">(TCE rates expressed in 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: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">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: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">2023</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" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">Average number of vessels (1)</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="color: #000000; font-family: 'Times New Roman';">128.0</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;">&#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="color: #000000; font-family: 'Times New Roman';">127.6</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="color: #000000; font-family: 'Times New Roman';">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 style="color: #000000; font-family: 'Times New Roman';">128</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 style="color: #000000; font-family: 'Times New Roman';">127</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 style="color: #000000; font-family: 'Times New Roman';">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: #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="color: #000000; font-family: 'Times New Roman';">10.1</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;">&#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="color: #000000; font-family: 'Times New Roman';">11.2</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="color: #000000; font-family: 'Times New Roman';">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 style="color: #000000; font-family: 'Times New Roman';">11,520</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 style="color: #000000; font-family: 'Times New Roman';">11,483</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: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">Available days (5)</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="color: #000000; font-family: 'Times New Roman';">11,126</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;">&#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="color: #000000; font-family: 'Times New Roman';">10,994</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="color: #000000; font-family: 'Times New Roman';">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 style="color: #000000; font-family: 'Times New Roman';">199</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 style="color: #000000; font-family: 'Times New Roman';">247</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 style="color: #000000; font-family: 'Times New Roman';">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 style="color: #000000; font-family: 'Times New Roman';">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">27,405</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">14,199</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="font-family: 'Times New Roman'; font-weight: bold;">
      <hr noshade="noshade" align="left" style="height: 2px; width: 10%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"></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="zb946af04e7514755ba4d3e65bb245293">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman';">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" id="z7860e82d4ea445b1be9fd8781fbd0401">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman';">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" id="z59bdace02cf3434f8de1fe293872b9be">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman';">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" id="zb0f3deadc62f4aa3979fb1bb89354826">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman';">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>
          </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="z3b54b305227847d99b8011522c0d8402">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman';">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. Available Days as presented above may 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" id="z11ba672ccdd74cbc8406740ce48b6a12">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman';">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" id="zf31103af372c458f97bf34c3b1d33151">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(7)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman';">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, 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. 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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" id="zffd6fc0b9fee44999d57065d8fdaa554" 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 style="color: #000000; font-family: 'Times New Roman';">&#160;</div>
          </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: #000000 solid 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Three-month period ended March 31,</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" nowrap="nowrap" 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: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;"> 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: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">2023</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" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman'; 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; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
            <div style="color: #000000; font-family: 'Times New Roman';">Voyage revenues</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%;">
            <div style="color: #000000; font-family: 'Times New Roman';">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="color: #000000; font-family: 'Times New Roman';">360,883</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="color: #000000; font-family: 'Times New Roman';">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="color: #000000; font-family: 'Times New Roman';">224,035</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 style="color: #000000; font-family: 'Times New Roman'; font-style: italic;">Less:</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" style="vertical-align: bottom; width: 76%;">
            <div style="color: #000000; font-family: 'Times New Roman';">Voyage 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 style="color: #000000; font-family: 'Times New Roman';">(53,404</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="color: #000000; font-family: 'Times New Roman';">)</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 style="color: #000000; font-family: 'Times New Roman';">(67,492</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="color: #000000; font-family: 'Times New Roman';">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">Charter-in hire 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 style="color: #000000; font-family: 'Times New Roman';">(4,012</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: 'Times New Roman';">)</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="color: #000000; font-family: 'Times New Roman';">(6,615</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: 'Times New Roman';">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman';">Realized gain/(loss) on FFAs/bunker swaps</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: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="color: #000000; font-family: 'Times New Roman';">1,437</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" 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: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="color: #000000; font-family: 'Times New Roman';">6,172</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" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman';"><font style="font-weight: bold; color: #000000;">Time charter equivalent revenues (&#8220;</font>TCE Revenues&#8221;)</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 style="color: #000000; font-family: 'Times New Roman';">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">304,904</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">$</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 style="color: #000000; font-family: 'Times New Roman';">156,100</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" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
            <div style="color: #000000; font-family: 'Times New Roman';">Available days</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 style="color: #000000; font-family: 'Times New Roman';">11,126</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" 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="color: #000000; font-family: 'Times New Roman';">10,994</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" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman'; font-weight: bold;">Daily time charter equivalent rate (&#8220;TCE rate&#8221;)</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 style="color: #000000; font-family: 'Times New Roman';">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">27,405</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman';">$</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 style="color: #000000; font-family: 'Times New Roman';">14,199</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>

    </table>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Voyage Revenues</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Voyage revenues are driven primarily by the number of vessels in our operating fleet, the duration of our charters, the number of charter-in days, the amount of daily
      charter hire or freight rates that our vessels earn under time and voyage charters, respectively, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the number of vessels
      chartered-in, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in dry dock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels, levels of supply and
      demand in the seaborne transportation market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Voyage Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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-family: 'Times New Roman'; font-weight: bold;">Charter-in Hire Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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-family: 'Times New Roman'; font-weight: bold;">Vessel Operating Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the cost of
      spares and consumable stores, tonnage taxes, regulatory fees, vessel scrubbers and BWTS maintenance expenses, lubricants and other miscellaneous expenses. Other factors beyond our control, some of which may affect the shipping industry in general,
      including for instance, developments relating to market prices for crew wages, lubricants and insurance, may also cause these expenses to increase.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Dry Docking Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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-family: 'Times New Roman'; font-weight: bold;">Depreciation</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman';">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. Effective January&#160;1, 2023, following management&#8217;s reassessment of the residual value of our vessels, we increased the
        estimated scrap rate per lightweight ton from $300 to $400. The current value of $400 was based on the historical average demolition prices prevailing in the market in the last 20 years. The change in this accounting estimate, which pursuant to ASC
        250 &#8220;Accounting Changes and Error Corrections&#8221; was applied prospectively and did not require retrospective application, decreased the depreciation expense and increased the net income for the three-month period ended March 31, 2023 by $3.9 million
        or $0.04 per basic and diluted share.</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">General and Administrative Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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-family: 'Times New Roman'; font-weight: bold;">Management Fees</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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-family: 'Times New Roman'; font-weight: bold;">&#160;(Gain) / Loss on Forward Freight Agreements and Bunker Swaps, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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 to reduce 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. The settlement amount is an amount equal to the
      difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the
      seller the settlement sum. Our FFAs are settled on a daily basis mainly through reputable exchanges such as European Energy Exchange (&#8220;EEX&#8221;) or Singapore Exchange (&#8220;SGX&#8221;) 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>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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 on
      a daily basis, mainly through reputable exchanges such as Intercontinental Exchange (&#8220;ICE&#8221;) to limit our counterparty exposure in over the counter transactions. Bunker price differentials paid or received under the swap agreements are recognized
      under (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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 EEX, SGX or ICE. Our FFAs and bunker swaps do not qualify for hedge accounting and therefore unrealized gains or losses are recognized under (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
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    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Loss on Write-Down of Inventory</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman';">Loss on write-down of inventory results from the valuation of the bunkers remaining onboard our vessels following the decrease of bunkers&#8217; net realizable value compared to their historical
      cost as of each period end.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Interest and Finance Costs</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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-family: 'Times New Roman'; font-weight: bold;">Interest Income</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">We earn interest income on our cash deposits with our lenders and other financial institutions.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Gain / (Loss) on Interest Rate Swaps, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
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    </div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Results of Operations</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">The three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2022</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Voyage revenues net of Voyage expenses</font>: Voyage revenues for the three months ended March 31, 2023 decreased
      to $224.0 million from $360.9 million in the corresponding period in 2022. Time charter equivalent revenues (&#8220;TCE Revenues&#8221;) (as defined above) were $156.1 million compared to $304.9 million for the corresponding period in 2022. As a result, the TCE
      rate for the first three months of 2023 was $14,199 compared to $27,405 for the corresponding period in 2022 which is indicative of the weaker market conditions prevailing during the recent quarter. Please refer to the table above for the calculation
      of the TCE Revenues and TCE and their reconciliation with Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Charter-in hire expenses</font>: Charter-in hire expenses for the three months ended March 31, 2023 and 2022 were
      $6.6 million and $4.0 million, respectively. This increase is mainly attributable to the increase in charter-in days to 247 in the first three months of 2023 from 199 in the corresponding period in 2022.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Vessel operating expenses</font><font style="font-style: italic;">:</font>&#160;For the three-months ended March 31,
      2023 and 2022, vessel operating expenses were $55.8 million and $57.5 million, respectively. Vessel operating expenses for the first three months of 2023 included additional crew expenses related to the increased number and cost of crew changes
      performed during the period as a result of COVID-19 related restrictions, estimated to be $1.4 million. In addition, we incurred $0.5 million of additional operating expenses due to change of management of certain vessels from third party to
      in-house. Vessel operating expenses for the first three months of 2022 included COVID-19 related expenses of $2.8 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Dry docking expenses</font>: Drydocking expenses for the three-months ended March 31, 2023 and 2022, were $8.0
      million and $8.7 million, respectively. During the first three months of 2023, five vessels completed their periodic dry-docking surveys while during the corresponding period in 2022, eight vessels completed their periodic dry docking surveys.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Depreciation</font><font style="font-style: italic;">:&#160;</font>Depreciation expense decreased to $35.1 million for
      the three-month period ended March 31, 2023 compared to $38.5 million for the corresponding period in 2022. The decrease is primarily driven by the change in the estimated scrap rate per light weight tonnage from $300 to $400 effective January 1,
      2023, which resulted in lower depreciation expense by $3.9 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Impairment loss: </font>During the three months ended March 31, 2023, an impairment loss of $7.7 million was
      incurred, resulting from the agreement to sell the vessels <font style="font-style: italic;">Star Borealis</font> and <font style="font-style: italic;">Star Polaris</font> described above as part of our fleet update under &#8220;Our Fleet&#8221; section.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Other operational gain:</font> Other operational gain for the three months ended March 31, 2023 of $33.2 million
      includes: a) gain from insurance proceeds relating to <font style="font-style: italic;">Star Pavlina&#8217;s</font> total loss discussed in our fleet update above of $28.2 million, b) daily detention compensation for <font style="font-style: italic;">Star



        Pavlina</font> pursuant to its war risk insurance policy of $2.7 million in aggregate, as well as c) other gains from insurance claims relating to other vessels of $2.3 million in aggregate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Management fees:</font> Management fees decreased to $4.2 million for the three-month period ended March 31, 2023
      compared to $4.8 million for the corresponding period in 2022 due to the change of management of certain vessels, from third party to in-house.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">General and administrative expenses</font><font style="font-style: italic;">:&#160;</font>General and administrative
      expenses for the three month period ended March 31, 2023 were $11.7 million compared to $8.8 million in the corresponding period in 2022, primarily due to the increase in the stock-based compensation expense to $3.4 million from $1.2 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">(Gain)/Loss on forward freight agreements and bunker swaps, net</font><font style="font-style: italic;">:</font>&#160;For






      the three month period ended March 31, 2023, we incurred a net gain on FFAs and bunker swaps of $1.3 million, consisting of an unrealized loss of $4.9 million and a realized gain of $6.2 million. <font style="color: #000000;">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.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Loss on write-down of inventory: </font>Our results for the three months ended March 31, 2023 include a loss on
      write-down of inventories of $2.2 million resulting from the valuation of the bunkers remaining on board our vessels as a result of the bunkers&#8217; lower net realizable value compared to their historical cost.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Interest and finance costs: </font>Interest and finance costs for the three-months ended March 31, 2023 and 2022
      were $15.7 million and $12.1 million, respectively. The driving factor for this increase is the significant increase in variable interest rates, which was partially offset by the positive effect from our interest rate swaps and the decrease in our
      weighted average outstanding indebtedness.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Interest and other income/(loss</font><font style="font-weight: bold;">)</font><font style="font-style: italic;">:</font>&#160;Interest






      and other income for the three-months ended March 31, 2023 amounted to $3.1 million, compared to an interest and other income, of $0.3 million in three-months ended March 31, 2022. This variation is mainly due to higher interest earned from fixed
      deposits during the first quarter of 2023 and higher foreign exchange gains incurred in the same period compared to the first quarter of 2022.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Cash Flows</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Net cash provided by operating activities for the three-months ended March 31, 2023 and 2022 was $83.2 million and $229.2 million, respectively. This decrease was
      primarily driven by the lower charter rates due to the weaker market conditions prevailing during the recent period compared to the corresponding period in 2022, and the increase in our interest payments for the reasons outlined above under &#8220;<font style="font-style: italic;">Interest and finance costs&#8221;</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Net cash used in investing activities for the three-months ended March 31, 2023 and 2022 was $5.0 million and $4.8 million, respectively. The increase was attributable
      to lower insurance proceeds compared to 2022, partially offset by lower cash paid in 2023 in connection with the acquisition of fixed assets and vessel upgrades.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">Net cash used in financing activities for the three-months ended March 31, 2023 and 2022 was $109.9 million and $253.2 million, respectively. The decrease was
      primarily driven by lower dividend payments of $62.1 million in 2023 compared to $204.8 million in the corresponding period in 2022 as well as lower net debt outflows of $40.3 million in the first quarter of 2023 compared to $52.8 million in the same
      period in 2022.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-weight: bold;">Significant Accounting Policies and Critical Accounting Estimates</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman';">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 2022 Annual Report. There have been no material changes from the &#8220;Critical Accounting Estimates&#8221; previously disclosed in our 2022 Annual Report, except as discussed above under our
      depreciation policy.</div>
    <div><br>
    </div>
    <div><br>
    </div>
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    <div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED<br>
        FINANCIAL STATEMENTS</div>
      <div>&#160;</div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z75bc127121404d6bb64b1af6baca45b5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 82.57%; vertical-align: bottom;">
            <div style="color: #000000;">Unaudited Consolidated Balance Sheets as of December 31, 2022 and March 31, 2023<br>
            </div>
          </td>
          <td style="width: 17.43%; vertical-align: top;">
            <div style="text-align: right; color: #000000;">F-2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 17.43%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;">
            <div style="color: #000000;">Unaudited Interim Condensed Consolidated Income Statements for the three-month periods ended March 31, 2022 and 2023</div>
          </td>
          <td style="width: 17.43%; vertical-align: top;">
            <div style="text-align: right; color: #000000;">F-3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 17.43%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;">
            <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three-month periods ended March 31, 2022 and 2023</div>
          </td>
          <td style="width: 17.43%; vertical-align: top;">
            <div style="text-align: right; color: #000000;">F-4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 17.43%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;">
            <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Stockholders&#8217; Equity for the three-month periods ended March 31, 2022 and 2023</div>
          </td>
          <td style="width: 17.43%; vertical-align: top;">
            <div style="text-align: right; color: #000000;">F-5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 17.43%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;">
            <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2022 and 2023</div>
          </td>
          <td style="width: 17.43%; vertical-align: top;">
            <div style="text-align: right; color: #000000;">F-6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 17.43%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.57%; vertical-align: top;">
            <div style="color: #000000;">Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          </td>
          <td style="width: 17.43%; vertical-align: top;">
            <div style="text-align: right; color: #000000;">F-7</div>
          </td>
        </tr>

    </table>
    <div></div>
    <div><br>
    </div>
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    <div>
      <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
      </div>
      <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Consolidated Balance Sheets<br>
        As of December 31, 2022 and March 31, 2023<br>
      </div>
      <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)<font style="font-weight: bold;">&#160;</font></div>
      <div>&#160;
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z912e96779060494c86cdd238e8c0ec75" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: right; color: #000000; font-size: 8pt; font-weight: bold;">December 31, 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: right; color: #000000; font-size: 8pt; font-weight: bold;">March 31, 2023</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">ASSETS</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">CURRENT ASSETS</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Cash and cash equivalents</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">269,754</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">234,498</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Restricted cash, current (Notes 8 and 13)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">14,569</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">18,049</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Trade accounts receivable, net</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">84,034</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">69,441</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Inventories (Note 4)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">67,162</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">66,447</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Due from managers</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">84</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">53</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Due from related parties (Note 3)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">324</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">300</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Prepaid expenses and other receivables</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">25,667</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">25,820</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Derivatives, current asset portion (Note 13)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">25,585</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">19,436</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Other current assets (Note 14)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">14,913</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">75,642</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Total Current Assets</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">502,092</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">509,686</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">FIXED ASSETS</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Vessels and other fixed assets, net (Note 5)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,881,551</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,818,233</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Total Fixed Assets</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,881,551</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,818,233</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Long term investment (Note 3)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,676</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,620</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Restricted cash, non-current (Notes 8 and 13)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,021</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,021</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Operating leases, right-of-use assets (Note 6)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">37,618</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">34,848</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Derivatives, non-current asset portion (Note 13)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">8,666</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">5,729</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">TOTAL ASSETS</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">3,433,624</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">3,372,137</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">LIABILITIES &amp; SHAREHOLDERS' EQUITY</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">CURRENT LIABILITIES</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Current portion of long-term bank loans (Note 8)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">166,586</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">188,997</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Lease financing short term (Note 7)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">15,361</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">15,361</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Accounts payable</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">32,140</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">32,650</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Due to managers</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">6,344</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">12,566</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Due to related parties (Note 3)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,501</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,614</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Accrued liabilities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">33,984</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">32,759</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Derivatives, current liability portion (Note 13)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">3,233</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Operating lease liabilities, current (Note 6)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">9,955</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">8,537</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Deferred revenue</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">16,684</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">15,099</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Total Current Liabilities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">282,555</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">310,816</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">NON-CURRENT LIABILITIES</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Long-term bank loans, net of current portion and unamortized loan issuance costs of $9,013 and $8,108, as of December 31, 2022 and March 31, 2023, respectively (Note 8)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">927,995</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">870,036</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Lease financing long term, net of unamortized lease issuance costs of $2,681 and $2,503, as of December 31, 2022 and March 31, 2023, respectively (Note 7)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">175,238</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">171,576</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Operating lease liabilities, non-current (Note 6)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">27,663</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">26,311</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Other non-current liabilities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">831</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">873</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">TOTAL LIABILITIES</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,414,282</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,379,612</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;"><font style="font-weight: bold;">COMMITMENTS &amp; CONTINGENCIES </font>(Note 12)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">SHAREHOLDERS' EQUITY</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2022 and March 31, 2023, respectively (Note 9)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Common Shares, $0.01 par value, 300,000,000 shares authorized; 102,857,416 shares issued and outstanding as of December 31, 2022; 102,976,193 shares issued and outstanding as of March 31, 2023
                  (Note 9)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,029</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,030</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Additional paid in capital</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,646,073</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,642,513</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Accumulated other comprehensive income/(loss)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">20,962</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">13,879</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Accumulated deficit</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(648,722</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(664,897</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Total Shareholders' Equity</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,019,342</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,992,525</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;" colspan="1">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">3,433,624</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">3,372,137</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">The accompanying notes are integral part of these consolidated financial statements</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

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      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-2</font></div>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
      </div>
      <div>
        <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Unaudited Interim Condensed Consolidated Income Statements<br>
          For the three-month periods ended March 31, 2022 and 2023</div>
        <div>&#160;</div>
        <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zc93aaeb627304de7a4cb6151859b70ef" class="cfttable">

              <tr>
                <td valign="bottom" rowspan="1" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" rowspan="1" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="7">&#160;&#160;<font style="font-family: Arial; font-size: 8pt;">&#160;&#160; <font style="font-weight: bold; font-family: 'Times New Roman';"><br>
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                  <div style="text-align: center; font-size: 8pt; font-weight: bold;">Three months ended March 31,</div>
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              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                  <div style="text-align: center; color: #000000; font-size: 8pt; font-weight: bold;"> 2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                  <div style="text-align: center; color: #000000; font-size: 8pt; font-weight: bold;"> 2023</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">Revenues:</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Voyage revenues (Note 14)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">360,883</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">224,035</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">Expenses/(Income)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
                  <div style="color: #000000; font-size: 8pt;">Voyage expenses (Notes 3 )</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">53,404</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">67,492</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Charter-in hire expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">4,012</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">6,615</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
                  <div style="color: #000000; font-size: 8pt;">Vessel operating expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">57,466</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">55,785</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">8,727</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">8,007</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
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                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">38,461</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">35,069</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Management fees (Notes 3)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">4,839</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">4,244</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
                  <div style="color: #000000; font-size: 8pt;">General and administrative expenses (Note 3)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">8,765</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">11,665</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Impairment loss (Notes 5 and 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">7,700</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
                  <div style="color: #000000; font-size: 8pt;">Loss on write-down of inventory</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,166</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Other operational loss</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">614</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">155</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
                  <div style="color: #000000; font-size: 8pt;">Other operational gain (Note 5)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(267</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(33,233</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Loss on bad debt</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">300</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                  <div style="color: #000000; font-size: 8pt;">(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,623</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(1,308</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Total operating expenses, net</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">178,644</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">164,657</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">Operating income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">182,239</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">59,378</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">Other Income/ (Expenses):</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Interest and finance costs (Note 8)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(12,082</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(15,702</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
                  <div style="color: #000000; font-size: 8pt;">Interest income and other income/(loss)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">261</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">3,149</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Gain/(Loss) on interest rate swaps, net (Note 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(372</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                  <div style="color: #000000; font-size: 8pt;">Gain/(Loss) on debt extinguishment, net (Note 8)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(419</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">Total other expenses, net</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">(11,821</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">(13,344</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">Income before taxes and equity in income/(loss) of investee</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">170,418</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">46,034</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                  <div style="color: #000000; font-size: 8pt;">Income taxes</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(37</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(103</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">Income before equity in income/(loss) of investee</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">170,381</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">45,931</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                  <div style="color: #000000; font-size: 8pt;">Equity in income / (loss) of investee (Note 3)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(17</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(56</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">Net income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">170,364</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">45,875</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                  <div style="color: #000000; font-size: 8pt;">Earnings per share, basic</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">1.67</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">0.45</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Earnings per share, diluted</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">1.67</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">0.44</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                  <div style="color: #000000; font-size: 8pt;">Weighted average number of shares outstanding, basic (Note 10)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">101,981,583</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">102,974,041</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt;">Weighted average number of shares outstanding, diluted&#160; (Note 10)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">102,257,673</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">103,381,943</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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                  <div style="color: #000000; font-size: 8pt;">The accompanying notes are integral part of these consolidated financial statements.</div>
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        <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)<br>
          For the three-month periods ended March 31, 2022 and 2023</div>
        <div>&#160;</div>
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          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zda44b212fb9945eaa1b4caa7a4f1bc1f" class="cfttable">

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                <td valign="bottom" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
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                <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: #000000; font-size: 8pt; font-style: italic;">&#160;Less:</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;" colspan="1">
                  <div style="color: #000000; font-size: 8pt;">&#160;Reclassification adjustments of interest rate swap gain/(loss) (Note 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">379</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(7,273</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
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                </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-size: 8pt; font-weight: bold;">&#160;Other comprehensive income / (loss)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">16,604</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">(7,083</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;Total comprehensive income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">186,968</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">38,792</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top;" colspan="4">
                  <div style="color: #000000; font-size: 8pt;"> The accompanying notes are integral part of these consolidated financial statements.</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <br>
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          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-4</font></div>
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            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
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          <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
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          <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Unaudited Interim Condensed Consolidated Statements of Stockholders&#8217; Equity<br>
            For the three-month periods ended March 31, 2022 and 2023</div>
          <div>&#160;</div>
          <div style="font-family: 'Times New Roman'; 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: 'Times New Roman'; font-style: italic;"> <br>
          </div>
          <div style="font-family: 'Times New Roman'; font-style: italic;">
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                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6" rowspan="1">
                    <div style="text-align: center; color: #000000; font-size: 8pt; font-weight: bold;"> Common Stock</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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                  <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td style="vertical-align: bottom; padding-bottom: 2px; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,023</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,618,319</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">6,933</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">(546,257</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">-</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,080,018</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%;">
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                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">170,364</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">170,364</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
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                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">16,604</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">16,604</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%;" colspan="1">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">245</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">1,233</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">1,233</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
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                  <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
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                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">(204,568</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
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                  <td valign="bottom" style="vertical-align: top; width: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;BALANCE, March 31, 2022</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">102,442,901</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,024</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,623,816</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">23,537</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">(580,461</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,067,916</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">BALANCE, January 1, 2023</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">102,857,416</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,029</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,646,073</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">45,488</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">(7,083</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">(7,083</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                    <div style="color: #000000; font-size: 8pt;">)</div>
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                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%;" colspan="1">
                    <div style="color: #000000; font-size: 8pt;">&#160;Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">450,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">4</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">3,442</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">3,446</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-size: 8pt;">&#160;Dividends declared ($0.60 per share) (Note 9)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">(62,050</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                    <div style="color: #000000; font-size: 8pt;">)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">(62,050</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                    <div style="color: #000000; font-size: 8pt;">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 16%; padding-bottom: 2px;">
                    <div style="color: #000000; font-size: 8pt;">&#160;Repurchase and cancellation of common shares (Note 9)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">(331,223</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                    <div style="color: #000000; font-size: 8pt;">)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt;">(3</div>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,642,513</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">13,879</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">(665,284</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">-</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                    <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,992,138</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <td valign="bottom" style="vertical-align: top; width: 16%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                    <div style="color: #000000; font-size: 8pt;"> The accompanying notes are integral part of these consolidated financial statements.</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          </div>
          <div style="font-family: 'Times New Roman'; font-style: italic;"> <br>
          </div>
          <div style="font-family: 'Times New Roman'; font-style: italic;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-5</font></div>
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              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
          </div>
          <div>
            <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
              Unaudited Interim Condensed Consolidated Statements of Cash Flows<br>
              For the three-month periods ended March 31, 2022 and 2023</div>
            <div style="font-family: 'Times New Roman'; font-style: italic;"> <br>
            </div>
            <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
            <div>&#160;</div>
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                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6" rowspan="1">&#160;&#160;&#160; Three months ended March 31,<br>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: right; color: #000000; font-size: 8pt; font-weight: bold;"> 2022</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                      <div style="text-align: right; color: #000000; font-size: 8pt; font-weight: bold;"> 2023</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Cash Flows from Operating Activities:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Net income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt;">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">170,364</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">45,875</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; 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" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Depreciation (Note 5)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">38,461</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">35,069</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Amortization of debt (loans &amp; leases) issuance costs (Note 8)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">1,339</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Impairment loss (Note 5)</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
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                      <div style="color: #000000; font-size: 8pt;">Loss on bad debt</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Gain from insurance proceeds relating to vessel total loss (Note 5)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">-</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(28,163</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Loss on write-down of inventory</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">2,166</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Change in fair value of forward freight derivatives and bunker swaps (Note 13)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">4,060</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">4,864</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Other non-cash charges</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(112</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">42</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Equity in income / (loss) of investee (Note 3)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">17</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">56</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Changes in operating assets and liabilities:</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">(Increase)/Decrease in:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Trade accounts receivable</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(5,760</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">13,579</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Inventories</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(8,930</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(1,585</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Prepaid expenses and other receivables</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(173</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(8,010</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Derivatives asset</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(136</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">9,404</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">31</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="2">
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Accounts payable</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">18,014</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">2,434</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Due to related parties</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">113</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Accrued liabilities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">5,151</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(1,222</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Due to managers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">4,589</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">6,222</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Deferred revenue</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(9,138</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(1,585</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Operating Activities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">229,156</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">83,190</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Cash Flows from Investing Activities:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">&#160;Vessel upgrades and other fixed assets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(6,414</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(5,389</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Hull and machinery insurance proceeds</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">1,600</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">358</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Investing Activities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(4,814</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(5,031</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(52,756</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(87,293</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Financing and debt extinguishment fees paid</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">-</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(587</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Dividends paid (Note 9)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(204,801</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(62,050</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Proceeds from issuance of common stock</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">4,350</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">-</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Repurchase of common shares (Note 9)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">-</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(7,005</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Financing Activities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(253,207</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(109,935</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Net increase/(decrease) in cash and cash equivalents and restricted cash</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(28,865</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">(31,776</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                      <div style="color: #000000; font-size: 8pt;">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Cash and cash equivalents and restricted cash at beginning of period</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">473,271</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">286,344</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Cash and cash equivalents and restricted cash at end of period</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt;">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">444,406</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt;">$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">254,568</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">SUPPLEMENTAL CASH FLOW INFORMATION:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;"><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;&#160;Cash paid during the period for:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Interest</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">10,386</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">13,640</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">Non-cash investing and financing activities:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Vessel upgrades</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">1,619</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">50</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">
                      <div style="color: #000000; 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" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Cash and cash equivalents</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">424,124</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">234,498</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Restricted cash, current (Note 8)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">18,261</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">18,049</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="2">
                      <div style="color: #000000; font-size: 8pt;">Restricted cash, non-current (Note 8)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">2,021</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt;">2,021</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 4px;" colspan="2">
                      <div style="color: #000000; 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" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">444,406</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                      <div style="color: #000000; font-size: 8pt; font-weight: bold;">254,568</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="9">
                      <div style="color: #000000; font-size: 8pt;">The accompanying notes are integral part of these consolidated financial statements.</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>

              </table>
            </div>
            <div> <br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-6</font></div>
              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
            </div>
            <div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; 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><font style="font-family: 'Times New Roman'; font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Basis of Presentation and General Information:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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, 2022 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, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December&#160;31, 2023.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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, 2022 included in the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2022 (the &#8220;2022 Annual Report&#8221;). The balance sheet as of December 31, 2022 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>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2022 Annual Report.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The 2019 Novel Coronavirus (&#8220;COVID-19&#8221;) pandemic resulted in a significant reduction in global economic activity and extreme volatility in the global
                  financial market. During the second half of 2022, rates declined from highs seen earlier in the year as China&#8217;s COVID-related lockdown measures intensified. After a seasonal decline in charter rates during the first quarter of 2023,
                  Capesize and Supramax spot earnings began to rebound in March 2023 partially driven by China&#8217;s economic reopening. There continues to be a high level of uncertainty relating to how the COVID-19 pandemic will evolve, the evolution and
                  emergence of existing and future 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. As a result of the COVID-19 pandemic restrictions imposed since 2020, additional crew expenses have been incurred. An increase in the severity or duration or a resurgence of the COVID-19 pandemic
                  and any significant disruption of wide-scale vaccine distribution could have a material adverse effect on the Company&#8217;s future 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>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">As of March 31, 2023, the Company owned a modern fleet of 127 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 14.0 million dwt and an average age of 11.2 years.</div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-7</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Significant accounting policies and recent accounting pronouncements:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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 2022 Annual Report. Other than the change in accounting estimate described below, 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, 2023.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';"><font style="font-weight: bold; font-style: italic;">Vessel Depreciation</font>:</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The cost of each of the Company&#8217;s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel&#8217;s
                  remaining economic useful life, after considering the estimated residual value (vessel&#8217;s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton).</div>
                <div>&#160;</div>
              </div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Effective as of January&#160;1, 2023, following management&#8217;s reassessment of the residual value of the Company&#8217;s vessels, the Company increased the estimated scrap
                  rate per lightweight ton from $0.3 to $0.4. The current value of $0.4 was based on the historical average demolition prices prevailing in the market in the last 20 years. The change in this accounting estimate, which pursuant to ASC 250
                  &#8220;Accounting Changes and Error Corrections&#8221; was applied prospectively and did not require retrospective application, decreased the depreciation expense and increased the net income for the three-month period ended March 31, 2023 by $3,929
                  or $0.04 per basic and diluted share.</div>
              </div>
              <div>
                <div><br>
                </div>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Transactions with Related Parties:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Details of the Company&#8217;s transactions with related parties did not change in the three-month period ended March 31, 2023 and are discussed in Note 3 of the
                  Company&#8217;s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Transactions and balances with related parties are analyzed as follows:</div>
                <div>&#160;</div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z24472b62aa5f499aa58cbce03e6886d9" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top;">
                          <div style="color: #000000; font-weight: bold;">Balance Sheets</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                          <div>&#160;</div>
                          <div> <br>
                          </div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;">December 31, 2022</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;">March 31, 2023</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
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                      <tr>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Long term investment</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">Interchart</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">1,349</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">1,298</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">Starocean</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">202</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">197</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">CCL Pool</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">125</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">125</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Long term investment</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1,676</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1,620</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Due from related parties</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">Oceanbulk Maritime and its affiliates</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">287</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">229</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">Management and Directors Fees</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">31</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">Interchart</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">3</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">3</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">Starocean</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">34</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">34</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">Product Shipping &amp; Trading S.A.</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">3</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Due from related parties</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">324</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">300</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Due to related parties</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">Management and Directors Fees</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">114</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                          <div style="color: #000000;">Iblea Ship Management Limited</div>
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                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">1,387</div>
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                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">1,614</div>
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                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                          <div style="color: #000000; font-weight: bold;">Due to related parties</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
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                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1,501</div>
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                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
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                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1,614</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
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                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                  <div><br>
                  </div>
                  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                    <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-8</font></div>
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                      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
                  </div>
                  <div><br>
                  </div>
                  <div>
                    <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                      Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
                    <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
                    <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
                    <div>&#160;</div>
                    <div><font style="font-family: 'Times New Roman'; font-weight: bold;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Transactions with Related Parties - continued:</font></div>
                  </div>
                  <div><br>
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                      <tr>
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                          <div style="color: #000000; font-weight: bold;">Income statements</div>
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                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%;" colspan="7" class="cftcurrcell">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="7" class="cftcurrcell"><font style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;



                            Three months ended March 31,</font><br>
                        </td>
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                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                          <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">2022</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                          <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">2023</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">&#160;Voyage expenses:</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">&#160;Voyage expenses-Interchart</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(1,035</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(1,032</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">&#160;General and administrative expenses:</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">&#160;Consultancy fees</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(137</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(139</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">&#160;Directors compensation</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(45</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(46</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">&#160;Office rent - Combine Marine Ltd. &amp;&#160; Alma Properties</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(10</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(9</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="1">
                          <div style="color: #000000;">&#160;General and administrative expenses - Oceanbulk Maritime and its affiliates</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(52</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(60</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000; font-weight: bold;">&#160;Management fees:</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">&#160;Management fees- Augustea Technoservices Ltd. and affiliates</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(1,122</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">&#160;Management fees- Iblea Ship Management Limited</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(400</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(829</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">&#160;Equity in income/(loss of investee)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">&#160;Interchart</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(14</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(51</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">&#160;Starocean</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(3</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(5</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
            <div> <br>
            </div>
            <div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Inventories:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The amounts shown in the consolidated balance sheets are analyzed as follows:</div>
                <div>&#160;</div>
                <div style="text-align: justify;">
                  <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z5e23073066d74eb1b9553b6ea4c0954a" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 50%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> December 31, 2022</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> March 31,2023</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 50%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">&#160;Lubricants</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">15,863</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">15,670</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 50%; padding-bottom: 2px;">
                          <div style="color: #000000;">&#160;Bunkers</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">51,299</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">50,777</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 50%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000; font-weight: bold;">&#160;Total</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">67,162</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">66,447</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                </div>
                <div style="clear: both;">&#160;</div>
                <div><br>
                </div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-9</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div>
                <div><br>
                </div>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Vessels and other fixed assets, net:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The amounts in the consolidated balance sheets are analyzed as follows:</div>
                <div>&#160;</div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zc9ef0bfdc8fa4398b11ff5872c2fbddb" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"> Cost</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> Accumulated depreciation</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> Net Book Value</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">&#160;Balance, December 31, 2022</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">3,843,686</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">(962,135</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000; font-weight: bold;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">2,881,551</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 64%;" colspan="1">
                          <div style="color: #000000;">&#160;- Acquisition of other fixed assets, vessel improvements and other vessel costs</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">5,439</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">5,439</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                          <div style="color: #000000;">&#160;- Vessel total loss</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(27,570</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">1,582</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(25,988</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 64%;">
                          <div style="color: #000000;">&#160;- Impairment loss</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(7,700</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(7,700</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                          <div style="color: #000000;">&#160;- Depreciation for the period</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(35,069</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(35,069</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px;">
                          <div style="color: #000000; font-weight: bold;">&#160;Balance, March 31, 2023</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">3,813,855</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">(995,622</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                          <div style="color: #000000; font-weight: bold;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">2,818,233</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="font-family: 'Times New Roman';">&#160;<br>
              </div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">During the three-month period ended March 31, 2023, the Company agreed with the war risk insurers of the vessel <font style="font-style: italic;">Star
                    Pavlina</font>, that the vessel became a constructive total loss on February 24, 2023 and as a consequence that the Company is entitled to be indemnified for the vessel&#8217;s total insurance value given its prolonged detainment in Ukraine
                  following the commencement of Russia&#8217;s military action against Ukraine on February 24, 2022 as further disclosed in Notes 15b) and 19c) of the Company&#8217;s consolidated financial statements for the year ended December 31, 2022, included in
                  the 2022 Annual Report. As a result, the Company recognized a gain of $28,163 which is included within &#8220;Other operational gain&#8221; in the unaudited interim condensed consolidated income statement for the three-month period ended March 31,
                  2023. During the three-month period ended March 31, 2023, the Company earned through its war risk insurance policy detention compensation with respect to this vessel, an amount of $2,658 which is also included within &#8220;Other operational
                  gain&#8221; in the unaudited interim condensed consolidated income statement for the corresponding period. On April 12, 2023 and on May 4, 2023 the Company received the total insurance value of the vessel <font style="font-style: italic;">Star
                    Pavlina</font>.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">On March 24, 2023, the Company agreed to sell to a third party the vessels&#160;<font style="font-style: italic;">Star Borealis </font>and<font style="font-style: italic;"> Star Polaris</font> with delivery to their new owner upon completion of their then-existing employment. <font style="font-style: italic;">Star Borealis</font> was delivered to its new owner on May 4, 2023 while the delivery
                  of <font style="font-style: italic;">Star Polaris</font> is expected by the end of May or early June 2023. Given their employment as of March 31, 2023, none of the above-mentioned vessels met the criteria to be classified as held for
                  sale as of March 31, 2023. However, by reference to their agreed sale prices (Level 2), the Company recognized an impairment loss of $7,700, for the three-month period ended March 31, 2023, which is separately reflected in the unaudited
                  interim condensed consolidated income statement for the corresponding period (Note 13).&#160;</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">As of March 31, 2023, 102 of the Company&#8217;s vessels, having a net carrying value of $2,314,981, serve as collateral under certain of the Company&#8217;s loan
                  facilities and were subject to first-priority mortgages (Note 8). Title of ownership is held by the relevant lenders for another&#160;12&#160;vessels with a carrying value of $341,731 to secure the relevant sale and lease back financing
                  transactions (Note 7). In addition, 18 of the Company&#8217;s vessels having a net carrying value of $356,210&#160;are subject to second-priority mortgages and serve as collateral under certain of the Company&#8217;s loan facilities (Note 8).</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Other than what is described above, there was no change to the Company&#8217;s operating fleet during the three-month period ended March 31, 2023, 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>&#160;</div>
                <div><br>
                </div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-10</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Operating leases:</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; font-family: 'Times New Roman'; font-weight: bold;">a) Time charter-in vessel agreements</div>
              <div><br>
              </div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The carrying value of the assets and liabilities recognized on the balance sheet as of December 31, 2022 and March 31, 2023 in connection with the time
                  charter-in vessel arrangements with an initial term exceeding 12 months, as described in Note 6 to the Company&#8217;s consolidated financial statements included in the 2022 Annual Report, amounted to $37,191&#160;and $34,507, respectively.&#160;The time
                  charter-in payments required to be made after March 31, 2023, for these outstanding operating lease liabilities&#160; are as follows:</div>
                <div>&#160;</div>
                <div>
                  <div>
                    <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" class="cfttable">

                        <tr>
                          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 76%;">
                            <div style="color: #000000; font-weight: bold;">Twelve month periods ending</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                            <div style="text-align: right; color: #000000; font-weight: bold;">Amount</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000;">March 31, 2024</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">9,331</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%;">
                            <div style="color: #000000;">March 31, 2025</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">5,900</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000;">March 31, 2026</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">6,242</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%;">
                            <div style="color: #000000;">March 31, 2027</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">5,900</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000;">March 31, 2028</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">6,259</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                            <div style="color: #000000;">March 31, 2029 and thereafter</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">4,205</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000; font-weight: bold;">Total undiscounted lease payments</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">37,837</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;" colspan="1">
                            <div style="color: #000000;">Discount based on incremental borrowing rate</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(3,330</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</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: #000000; font-weight: bold;">Present value of lease liability</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">34,507</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>

                    </table>
                    &#160;</div>
                  <div style="clear: both;">&#160;</div>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman';"> <font style="color: #000000;">The weighted average remaining lease term of these charter-in vessel arrangements as of March 31, 2023 is&#160;5.26&#160;years. </font>The charter-in
                  expenses for these long-term charter-in arrangements for the three-month periods ended <font style="color: #000000;">March 31, 2022</font> and 2023, were $2,627 and $2,879, respectively.</div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; font-family: 'Times New Roman'; font-weight: bold;">b) Office rental arrangements</div>
              <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="text-align: justify; font-family: 'Times New Roman';"><font style="color: #000000;">The carrying value of the assets and liabilities recognized </font>on the balance sheet<font style="color: #000000;"> as of December 31, 2022 and
                  March 31, 2023 in connection with the office rental arrangements </font>as described in Note 6 to the Company&#8217;s consolidated financial statements included in the 2022 Annual Report, <font style="color: #000000;">amounted to $427&#160;and
                  $341, respectively. </font>The office rental payments required to be made after March 31, 2023, for these outstanding operating lease liabilities are as follows:</div>
              <div style="font-family: 'Times New Roman';"><br>
              </div>
              <div style="font-family: 'Times New Roman';">
                <div>
                  <div>
                    <table cellspacing="0" cellpadding="0" align="left" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 70%;" class="cfttable">

                        <tr>
                          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 76%;">
                            <div style="color: #000000; font-weight: bold;">Twelve month periods ending</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                            <div style="text-align: right; color: #000000; font-weight: bold;">Amount</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000;">March 31, 2024</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">256</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%;">
                            <div style="color: #000000;">March 31, 2025</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">85</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000;">March 31, 2026</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%;">
                            <div style="color: #000000;">March 31, 2027</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000;">March 31, 2028</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                            <div style="color: #000000;">March 31, 2029 and thereafter</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000; font-weight: bold;">Total undiscounted lease payments</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">341</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;" colspan="1">
                            <div style="color: #000000;">Discount based on incremental borrowing rate</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000; font-weight: bold;">Present value of lease liability</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">341</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>

                    </table>
                  </div>
                </div>
                <div style="text-align: justify; margin-left: 54pt;"><br>
                </div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;"> <br>
                  </font></div>
                <div style="text-align: justify;"><font style="color: #000000;">&#160;</font></div>
              </div>
              <div style="font-family: 'Times New Roman';"><br>
              </div>
              <div style="text-align: justify; font-family: 'Times New Roman';"><font style="color: #000000;">The weighted average remaining lease term of these office rent arrangements as of March 31, 2023 is&#160;1.30&#160;years. </font>The lease expenses for
                these office rental arrangements for the three-month periods ended <font style="color: #000000;">March 31, 2022</font> and 2023, were <font style="color: #000000;">$120</font> and $125, respectively.</div>
              <div style="text-align: justify; font-family: 'Times New Roman';"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-11</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; 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><font style="font-family: 'Times New Roman'; font-weight: bold;">7.</font><font style="font-weight: bold;"><font style="font-weight: normal;"><font style="font-weight: bold;">&#160;</font>&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Lease financing:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Details of the Company&#8217;s lease financings are discussed in Note 7 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2022,
                  included in the 2022 Annual Report.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">All of the Company&#8217;s lease financings bear interest at LIBOR plus a margin. The Company plans to have completed the transition of its lease financings from
                  LIBOR to SOFR by or close to the end of June 2023. 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 8).</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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 8 below
                  and in Note 8 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report, with which, as of March 31, 2023, the Company was in compliance (Note 8).</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The principal payments required to be made after March 31, 2023, for the Company&#8217;s outstanding finance lease obligations recognized on the balance sheet, as
                  of that date, are as follows:</div>
                <div>&#160;</div>
                <div>
                  <table cellspacing="0" cellpadding="0" align="left" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 70%;" id="z78dfe39ba84243f197b2790533495e70" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 76%;">
                          <div style="color: #000000; font-weight: bold;">Twelve month periods ending</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;">Amount</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">March 31, 2024</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">15,361</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">March 31, 2025</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">15,361</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">March 31, 2026z</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">22,989</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">March 31, 2027</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">13,719</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">March 31, 2028</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">20,446</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">March 31, 2028 and thereafter</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">101,564</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000; font-weight: bold;">Total bareboat lease minimum payments</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">189,440</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">Unamortized lease issuance costs</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(2,503</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</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: #000000; font-weight: bold;">Total bareboat lease minimum payments, net</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">186,937</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">Lease financing short term</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">15,361</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">Lease financing long term, net of unamortized lease issuance costs</div>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">171,576</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
              <div><br>
              </div>
              <div><br>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Long-term bank loans:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Details of the Company&#8217;s credit facilities are discussed in Note 8 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2022,
                  included in the 2022 Annual Report and supplemented by the below new activities during the three-month period ended March 31, 2023.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">As further discussed in Note 19a) and Note 8 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2022, included in the 2022
                  Annual Report, on January 13, 2023, the Company drew down the amounts of $22,829 and $24,171, under the two tranches available of the &#8220;Standard Chartered $47,000 Facility&#8221;.</div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div style="text-align: justify; font-family: 'Times New Roman';">In addition to the scheduled repayments during the three-month period ended March 31, 2023, on March 10, 2023 the Company prepaid an amount of $18,236 corresponding to the
                outstanding loan amount of the vessel <font style="font-style: italic;">Star Pavlina </font>under the <font style="color: #000000;">ING $310,600 Facility</font> following the developments around the said vessel discussed in Note 5 above.
                In addition, and in view of their agreed sale as further discussed in Note 5 above, on March 29, 2023 the Company prepaid an amount of $26,207 corresponding to the outstanding loan amount of the vessels <font style="font-style: italic;">Star





                  Borealis </font>and<font style="font-style: italic;"> Star Polaris </font>under the <font style="color: #000000;">DNB $107,500 Facility.</font></div>
              <div>&#160;</div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-12</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
              </div>
              <div> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div>
                <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
                <div>&#160;</div>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Long-term bank loans - continued:</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">In March 2023, the Company entered into a committed termsheet with Skandinaviska Enskilda Banken AB for a loan facility of up to $30,000 (the &#8220;SEB $30,000
                Facility&#8221;). The facility will be used to refinance the outstanding amounts under the loan agreement and lease agreement for the vessels <font style="font-style: italic;">Star Aquarius</font> and <font style="font-style: italic;">Star
                  Pisces</font>, respectively (Note 15d) and is expected to be drawn in May 2023. The SEB $30,000 Facility is expected to be drawn in two tranches, will mature 5 years after the drawdown and will be secured by first priority mortgages on
                the <font style="font-style: italic;">Star Aquarius</font> and <font style="font-style: italic;">Star Pisces</font>.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-family: 'Times New Roman';">In March 2023, the Company entered into a committed termsheet with Nordea Bank Abp for a loan facility of up to $50,000 (the &#8220;Nordea $50,000 Facility&#8221;). The facility will be
                used to refinance the outstanding amounts under the loan agreements of the vessels <font style="font-style: italic;">Star Eleni</font> and <font style="font-style: italic;">Star Leo</font> and is expected to be drawn by the end of June
                2023. The Nordea $50,000 Facility is expected to be drawn in two tranches, will mature 5 years after the drawdown and will be secured by first priority mortgages on the <font style="font-style: italic;">Star Eleni</font> and <font style="font-style: italic;">Star Leo</font>.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-family: 'Times New Roman';">The Company&#8217;s credit facilities contain financial covenants and undertakings, a summary of which is included in Note 8 of the Company&#8217;s consolidated financial statements for
                the year ended December 31, 2022, included in the 2022 Annual Report.</div>
              <div><br>
              </div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">As of December 31, 2022 and March 31, 2023, the Company was required to maintain minimum liquidity, not legally restricted, of $64,000 and $63,500,
                  respectively, which is included within &#8220;Cash and cash equivalents&#8221; in the consolidated balance sheets. In addition, as of December 31, 2022 and March 31, 2023, the Company was required to maintain a minimum liquidity, legally restricted,
                  of $16,590 and $20,070, respectively, which is included within &#8220;Restricted cash, current and non-current&#8221; in the consolidated balance sheets. The increase in restricted cash is attributable to the increase in collateral required under
                  certain of the Company&#8217;s financial instruments (Note 13).</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">As of March 31, 2023, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements and lease financings
                  described in Note 7.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The principal payments required to be made after March 31, 2023 for all of the then-outstanding bank debt, are as follows:</div>
                <div>&#160;</div>
                <div>
                  <table cellspacing="0" cellpadding="0" align="left" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 70%;" id="z7313ce7797c744e6bfb36f201e7eed2e" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 76%;">
                          <div style="color: #000000; font-weight: bold;">Twelve month periods ending</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> Amount</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">March 31, 2024</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">188,997</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">March 31, 2025</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">173,619</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">March 31, 2026</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">208,771</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">March 31, 2027</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">229,863</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000;">March 31, 2028</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">218,532</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">March 31, 2029 and thereafter</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">47,359</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000; font-weight: bold;">Total Long-term bank loans</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1,067,141</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">Unamortized loan issuance costs</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(8,108</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</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: #000000; font-weight: bold;">Total Long-term bank loans, net</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1,059,033</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">Current portion of long-term bank loans</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">188,997</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                          <div style="color: #000000;">Long-term bank loans, net of current portion and unamortized loan issuance costs</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">870,036</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="font-family: 'Times New Roman';"><br>
              </div>
              <div><br>
              </div>
              <div><br>
              </div>
              <div>
                <div><br>
                </div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-13</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
              </div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div>
                <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
                <div>&#160;</div>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Long-term bank loans - continued:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">All of the Company&#8217;s bank loans bear interest at LIBOR or SOFR plus a margin, except for the DSF $55,000 Facility, which is a fixed rate facility (Note 13).
                  The Company plans to complete the transition of its debt agreements from LIBOR to SOFR by or close to the end of June 2023. In addition, following a number of interest rates swaps that it has entered into, as of March 31, 2023, the
                  Company has converted a total of $707,708 of such debt from floating benchmark rate to an average fixed rate of 46 bps with average maturity of 1.0 year. 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, 2022 and 2023 was 2.74% and 4.36%, respectively.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The amounts of &#8220;Interest and finance costs&#8221; included in the unaudited interim condensed consolidated income statements are analyzed as follows:</div>
                <div>&#160;</div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z09f1afb14c8348febb73e14742955cdb" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="6" rowspan="1"><font style="font-weight: bold;">&#160;&#160;&#160; Three months ended March 31,</font><br>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> 2022</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> 2023</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">Interest on financing agreements</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">10,046</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">21,580</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
                          <div style="color: #000000;">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">379</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(7,273</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">Amortization of debt (loan &amp; lease) issuance costs</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">1,339</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">1,043</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">Other bank and finance charges</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">318</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">352</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Interest and finance costs</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">12,082</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">15,702</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="font-family: 'Times New Roman';"><br>
              </div>
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">During the three-month period ended March 31, 2023, the Company wrote off an amount of $419 of unamortized debt issuance costs following the loan prepayments
                discussed in Note 8 above which are included under &#8220;Gain/(Loss) on debt extinguishment, net&#8221; in the unaudited interim condensed consolidated income statement for the corresponding period.</div>
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';"> <br>
              </div>
              <div><br>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Preferred and Common Shares and Additional Paid-in Capital:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Details of the Company&#8217;s preferred shares and common shares are discussed in Note 9 of the Company&#8217;s consolidated financial statements for the year ended
                  December 31, 2022, included in the 2022 Annual Report.</div>
                <div>&#160;</div>
                <div>During the three-month period ended March 31, 2023, the Company issued 450,000 common shares pursuant to its Performance Incentive Program discussed in Note 11 of the Company&#8217;s consolidated financial statements for the year ended
                  December 31, 2022, included in the 2022 Annual Report. <br>
                </div>
                <div><br>
                </div>
              </div>
              <div style="text-align: justify; font-family: 'Times New Roman';">In addition, during the three-month period ended March 31, 2023, the Company repurchased 331,223 shares under the authorized share repurchase program (the &#8220;Share Repurchase
                Program&#8221;) in open market transactions at an average price of $21.12 per share, for an aggregate consideration of $6,995. The repurchased shares were cancelled and removed from the Company&#8217;s share capital. Commissions and share cancellation
                fees incurred amounted to $10.</div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Pursuant to its dividend policy, during the three-month period ended March 31, 2023, the Company declared and paid a cash dividend of $62,050 or $0.60 per
                  common share.</div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-14</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div>
                <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
                <div>&#160;</div>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Earnings per Share:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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,
                  2022 and 2023. 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 and restricted
                  stock units using the treasury stock method, unless the impact is anti-dilutive.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The Company calculates basic and diluted earnings per share as follows:</div>
                <div>&#160;</div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z6809aaa4195a4f5ba4f614b2884ba02a" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="7" rowspan="1">T<font style="font-weight: bold;">hree months ended March 31,</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> 2022</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                          <div style="text-align: right; color: #000000; font-weight: bold;"> 2023</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Income :</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                          <div style="color: #000000;">Net income</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">170,364</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">45,875</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Basic earnings per share:</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">Weighted average common shares outstanding, basic</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">101,981,583</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">102,974,041</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 63pt;">Basic earnings / (loss) per share</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1.67</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">0.45</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Effect of dilutive securities:</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">Dillutive effect of non vested shares</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">276,090</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">407,902</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                          <div style="color: #000000;">Weighted average common shares outstanding, diluted</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">102,257,673</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">103,381,943</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 63pt;">Diluted earnings per share</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1.67</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">0.44</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="font-family: 'Times New Roman';"><br>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
                </font></div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Equity Incentive Plans:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Details of the Company&#8217;s equity incentive plans and share awards granted through December 31, 2022, are discussed in Note 11 of the Company&#8217;s consolidated
                  financial statements for the year ended December 31, 2022, included in the 2022 Annual Report.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The stock-based compensation cost for the three-month periods ended March 31, 2022 and 2023, which is included under &#8220;General and administrative expenses&#8221; in
                  the unaudited interim condensed consolidated income statements, amounted to $1,233 and $3,446, respectively, and include an amount of $770 and $1,900, respectively, recognized in connection with the Company&#8217;s Performance Incentive
                  Program. The respective charges were calculated based on the fuel market prices at each period end and assuming 5% of Excess Savings to be awarded by the Board of Directors.</div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-15</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div>
                <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Equity Incentive Plans - continued:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">A summary of the status of the Company&#8217;s non-vested restricted shares as of March 31, 2023 and the movement during the three-month period ended March 31, 2023
                  is presented below.</div>
                <div>&#160;</div>
              </div>
              <div style="font-family: 'Times New Roman';">
                <table cellspacing="0" cellpadding="0" border="0" style="width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zf27af7693e004e82b894e93b8731ffb0" class="cfttable">

                    <tr>
                      <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 66%;">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="2">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">Number of shares</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                        <div style="text-align: right; color: #000000; font-weight: bold;">Weighted Average Grant Date Fair Value</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
                        <div style="color: #000000; font-weight: bold;">Unvested as at January 1, 2023</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: #000000;">460,190</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                        <div style="color: #000000;">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: #000000;">19.38</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 66%;">
                        <div style="color: #000000;">Granted</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%;" colspan="1" class="cftnumcell">
                        <div style="color: #000000;">450,000</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%;" colspan="1" class="cftnumcell">
                        <div style="color: #000000;">19.23</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                        <div style="color: #000000;">Vested</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: #000000;">(450,000</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                        <div style="color: #000000;">)</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: #000000;">19.23</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 66%; padding-bottom: 4px;">
                        <div style="color: #000000; font-weight: bold;">Unvested as at March 31, 2023</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                        <div style="color: #000000; font-weight: bold;">460,190</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                        <div style="color: #000000; font-weight: bold;">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                        <div style="color: #000000; font-weight: bold;">19.38</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">As of March 31, 2023, the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $4,930 and is expected to be
                  recognized over the weighted average period of 1.56 years. During the three-month period ended March 31, 2023 the Company paid $276 for dividends to shareholders of non-vested shares.</div>
                &#160;</div>
              <div>
                <div>
                  <table cellspacing="0" cellpadding="0" id="za462cfe1be6f4d7c9139c1c6cb911a0d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 36pt; vertical-align: top;">
                          <div><font style="font-weight: bold;">12.</font><br>
                          </div>
                        </td>
                        <td style="width: auto; vertical-align: top;">
                          <div><font style="font-weight: bold;">Commitments and Contingencies:</font><br>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>
                  <table cellspacing="0" cellpadding="0" id="zed87024ea7874dadb20b8d4f47150e36" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 72pt; vertical-align: top; text-align: right;">
                          <div style="text-align: left; margin-left: 36pt; font-weight: bold;">a)</div>
                          <div>&#160;</div>
                        </td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="font-weight: bold;">Commitments:</div>
                          <div>&#160;</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The following tables set forth inflows and outflows related to the Company&#8217;s charter party arrangements and other commitments, as at March 31, 2023.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';"><u>Charter party arrangements</u>:</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman';">
                  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z15d29b34fa6741b9b8e0807e89eb7841" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 22%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="27" rowspan="1">
                          <div style="text-align: center; color: #000000; font-weight: bold;">Twelve month periods ending March 31,</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="vertical-align: middle; width: 22%; padding-bottom: 2px;">
                          <div style="color: rgb(0, 0, 0); font-style: italic;">+ inflows/ - outflows</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: right; vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: right; vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: right; vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2026</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: right; vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2027</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: right; vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2028</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: right; vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;">2029 and thereafter</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);" colspan="1">
                          <div style="color: #000000;">Future, minimum, non-cancellable charter revenue (1)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">75,324</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">59,832</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">15,492</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 22%; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 22%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000; font-weight: bold;">Total</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">75,324</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">59,832</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">15,492</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 22%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                  ________________</div>
              </div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" id="z0cb62cf152994076b7c3768da8871229" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">(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, 2023, 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. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of
                        each agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of March 31, 2023 and ii) the remaining minimum duration of each contract.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-16</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div>&#160;</div>
              <div>
                <div>
                  <div>
                    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 36pt; vertical-align: top;">
                            <div><font style="font-weight: bold;">12.</font><br>
                            </div>
                          </td>
                          <td style="width: auto; vertical-align: top;">
                            <div><font style="font-weight: bold;">Commitments and Contingencies - continued:</font></div>
                          </td>
                        </tr>

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

                        <tr>
                          <td style="width: 72pt; vertical-align: top; text-align: right;">
                            <div><font style="font-weight: bold;">b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                            </div>
                          </td>
                          <td style="width: auto; vertical-align: top;">
                            <div style="font-weight: bold;">Commitments- continued:</div>
                            <div>&#160;</div>
                          </td>
                        </tr>

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

                        <tr>
                          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 17%;">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="27" rowspan="1">
                            <div style="text-align: center; color: #000000; font-weight: bold;">Twelve month periods ending March 31,</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: middle; width: 17%; padding-bottom: 2px;">
                            <div style="color: rgb(0, 0, 0); font-style: italic;">+ inflows/ - outflows</div>
                          </td>
                          <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="2">
                            <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                          </td>
                          <td nowrap="nowrap" style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1" class="cftnumcell">
                            <div style="color: rgb(0, 0, 0); font-weight: bold;">2024</div>
                          </td>
                          <td nowrap="nowrap" style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1" class="cftnumcell">
                            <div style="color: rgb(0, 0, 0); font-weight: bold;">2025</div>
                          </td>
                          <td nowrap="nowrap" style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1" class="cftnumcell">
                            <div style="color: rgb(0, 0, 0); font-weight: bold;">2026</div>
                          </td>
                          <td nowrap="nowrap" style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                            <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">2027</div>
                          </td>
                          <td nowrap="nowrap" style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1" class="cftnumcell">
                            <div style="color: rgb(0, 0, 0); font-weight: bold;">2028</div>
                          </td>
                          <td nowrap="nowrap" style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td style="vertical-align: middle; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="2">
                            <div style="color: rgb(0, 0, 0); font-weight: bold;">2029 and thereafter</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 17%; background-color: rgb(204, 238, 255);">
                            <div style="color: #000000;">Charter-in expense newbuilding vessels (1)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(212,834</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(2,043</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(22,728</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(30,204</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(30,204</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(30,287</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(97,368</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 17%;">
                            <div style="color: #000000;">Vessel BWTS and ESD (2)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(11,535</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">(11,535</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                            <div style="color: #000000;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                            <div style="color: #000000;">-</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 17%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        </tr>
                        <tr>
                          <td valign="bottom" style="vertical-align: top; width: 17%; padding-bottom: 4px;">
                            <div style="color: #000000; font-weight: bold;">Total</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">(224,369</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                            <div style="color: #000000; font-weight: bold;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">(13,578</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                            <div style="color: #000000; font-weight: bold;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">(22,728</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                            <div style="color: #000000; font-weight: bold;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">(30,204</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                            <div style="color: #000000; font-weight: bold;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">(30,204</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                            <div style="color: #000000; font-weight: bold;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">(30,287</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                            <div style="color: #000000; font-weight: bold;">)</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                            <div style="color: #000000; font-weight: bold;">$</div>
                          </td>
                          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                            <div style="color: #000000; font-weight: bold;">(97,368</div>
                          </td>
                          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                            <div style="color: #000000; font-weight: bold;">)</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman';">&#160;____________________</div>
              </div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" id="z5370fed6c79f4ff494232b86581567ed" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">(1)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>The amounts represent minimum contractual charter-in commitments to be incurred with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 and the charter-in contracts
                        have a minimum duration of 84 months per vessel.</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" id="zd2e1d03123b4477eaff66c5c89d749f2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">(2)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>The amounts represent the Company&#8217;s commitments as of March 31, 2023, for vessel upgrades (BWTS and ESD).</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z20aa0031a6e4405dafc569775c7cf6c1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; text-align: right;">
                        <div style="text-align: left; margin-left: 36pt; font-weight: bold;">c)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-indent: 36pt; font-weight: bold;">Legal proceedings</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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>&#160;</div>
                <div><br>
                </div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-17</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Fair value measurements and Hedging:</font></div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Fair value on a recurring basis:</div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Interest rate swaps</div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Details of the Company&#8217;s interest rate swaps are discussed in Note 18 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2022,
                  included in the 2022 Annual Report.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The Company&#8217;s interest rate swaps were designated and qualified as cash flow hedges, with the exception of one of them with a notional amount as of March 31,
                  2023 of $33,375 and maturity in August 2023 which was (i) no longer expected to be highly effective in achieving offsetting changes in future cash flows and (ii) not actually highly effective during the three-month period ended March 31,
                  2023 and accordingly the corresponding gains/losses from this interest rate swap during the said period amounting to $372 are separately reflected under &#8220;Gain/(Loss) on interest rate swaps, net&#8221; in the unaudited interim condensed
                  consolidated income statement for the corresponding period. The effective portion of the unrealized gains/losses from all other swaps is recorded in Other Comprehensive Income / (Loss) and no portion of these cash flow hedges was
                  ineffective during the three-month period ended March 31, 2023.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">A gain of approximately $11,433 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>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Freight Derivatives and Bunker Swaps</div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The results of the Company&#8217;s freight derivatives and bunker swaps for the three-month periods ended March 31, 2022 and 2023 and the valuation of their open
                  positions as at December 31, 2022 and March 31, 2023 are presented in the tables below.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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>
                <div>&#160;</div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z39a28adfe5c143ef9c2e82059cdcfbf6" class="cfttable">

                      <tr>
                        <td valign="bottom" rowspan="1" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td rowspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="7"><font style="font-weight: bold;">Three months ended March 31,</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: center; color: #000000; font-weight: bold;"> 2022</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: center; color: #000000; font-weight: bold;"> 2023</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Consolidated Statement of Operations</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top;">
                          <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; margin-left: 9pt;">Gain/(loss) on interest rate swaps, net</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#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); margin-left: 18pt;">Gains/(loss) of de-designated accounting hedging relationship</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(372</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Gain/(loss) on interest rate swaps, net</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">(372</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                          <div style="color: #000000; font-weight: bold;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; margin-left: 9pt;">Interest and finance costs</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                          <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(379</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">7,273</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                          <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Gain/(loss) recognized</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">(379</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                          <div style="color: #000000; font-weight: bold;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">7,273</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000; font-style: italic; font-weight: bold;">Gain/(loss) on forward freight agreements and bunker swaps, net</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="1">
                          <div style="color: #000000;">Realized gain/(loss) on forward freight agreements and freight options</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">5,523</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">3,490</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%;">
                          <div style="color: #000000;">Realized gain/(loss) on bunker swaps</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(4,086</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">2,682</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="1">
                          <div style="color: #000000;">Unrealized gain/(loss) on forward freight agreements and freight options</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(4,353</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(3,425</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                          <div style="color: #000000;">Unrealized gain/(loss) on bunker swaps</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">293</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">(1,439</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                          <div style="color: #000000;">)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Total Gain/(loss) recognized</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">(2,623</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                          <div style="color: #000000; font-weight: bold;">)</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">1,308</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="font-family: 'Times New Roman';"><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-18</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Fair value measurements and Hedging - continued:</font></div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Fair value on a recurring basis - continued:</div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The following table summarizes the valuation of the Company&#8217;s financial instruments as of December 31, 2022 and March 31, 2023. 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>
                <div style="font-family: 'Times New Roman';">&#160;</div>
                <div style="font-family: 'Times New Roman';">
                  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zd35c2e0ea64d4ffeafc9ba76b84a6baf" class="cfttable">

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="14">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" rowspan="1">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">December 31, 2022</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" rowspan="1">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">March 31, 2023</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="vertical-align: middle; padding-left: 19%; text-align: center; padding-bottom: 2px;">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"><br>
                          </div>
                        </td>
                        <td style="vertical-align: middle; text-align: center;"><font style="font-weight: bold; font-size: 9pt;">Balance Sheet Location</font> <br>
                        </td>
                        <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(not designated as cash flow hedges)</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(designated as cash flow hedges)</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(not designated as cash flow hedges)</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(designated as cash flow hedges)</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">ASSETS</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%;">
                          <div style="color: #000000;">Forward freight agreements - current</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%;">
                          <div style="color: #000000;">Derivatives, current asset portion</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">191</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                          <div style="color: #000000;">Bunker swaps - current</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                          <div style="color: #000000;">Derivatives, current asset portion</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">3,688</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">2,248</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%;">
                          <div style="color: #000000; font-weight: bold;">Total</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">3,879</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">2,248</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000; font-weight: bold;">LIABILITIES</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">
                          <div style="color: #000000;">Forward freight agreements - current</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">
                          <div style="color: #000000;">Derivatives, current liability portion</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">3,233</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: #CCEEFF;">
                          <div style="color: #000000; font-weight: bold;">Total</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: #CCEEFF;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">3,233</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

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

                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-size: 9pt;">&#160;&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="15" rowspan="1">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Significant Other Observable Inputs (Level 2)</div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-size: 9pt;"><br>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" rowspan="1">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">December 31, 2022</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" rowspan="1">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">March 31, 2023</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="vertical-align: middle; padding-left: 19%; text-align: center; padding-bottom: 2px;">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"><br>
                          </div>
                        </td>
                        <td style="vertical-align: middle; text-align: center; font-size: 9pt; font-weight: bold;">Balance Sheet Location <br>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(not designated as cash flow hedges)</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(designated as cash flow hedges)</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(not designated as cash flow hedges)</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(designated as cash flow hedges)</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">
                          <div style="color: #000000; font-weight: bold;">ASSETS</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%;">
                          <div style="color: #000000;">Interest rate swaps - current</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%;">
                          <div style="color: #000000;">Derivatives, current asset portion</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">1,665</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">20,041</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">644</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">16,544</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                          <div style="color: #000000;">Interest rate swaps - non-current</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                          <div style="color: #000000;">Derivatives, non-current asset portion</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">798</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">7,868</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">-</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">5,729</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 26%;">
                          <div style="color: #000000; font-weight: bold;">Total</div>
                        </td>
                        <td valign="bottom" style="vertical-align: top; width: 26%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">2,463</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">27,909</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">644</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: #000000; font-weight: bold;">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                          <div style="color: #000000; font-weight: bold;">22,273</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                  <div><br>
                  </div>
                </div>
              </div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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, 2022 and March 31, 2023 amounted to $2,199 and $5,726, respectively, and are included within &#8220;Restricted cash, current&#8221; in the consolidated balance sheets (Note 8).</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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, 2023,
                  due to the variable interest rate nature thereof. The fair value of the DSF $55,000 Facility (Note 8) as of March 31, 2023, measured through level 2 inputs (such as interest rate curves) is $44,405, which is $18 lower than the loan&#8217;s book
                  value of $44,423.</div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-19</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Fair value measurements and Hedging - continued:</font></div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Fair value on a non-recurring basis:</div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">As further disclosed in Note 5, during the three-month period ended March 31, 2023 the Company recognized an impairment loss of $7,700 relating to the agreed
                  sale of two of its vessels. The carrying value of the respective vessels was written down to the fair value as determined by reference to their agreed sale prices (Level 2).</div>
                <div><br>
                </div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of March 31, 2023:</div>
                <br>
                <div style="text-align: justify;">
                  <div>
                    <div style="font-family: 'Times New Roman';">
                      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z95da06aa96a64be2945aa3214eeba63e" class="cfttable">

                          <tr>
                            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                              <div style="color: #000000; font-weight: bold;">Long-lived assets held and used</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                            <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                              <div style="color: rgb(0, 0, 0); font-weight: bold;">Quoted Prices in Active Markets for Identical Assets</div>
                            </td>
                            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                            <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                            <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                              <div style="color: rgb(0, 0, 0); font-weight: bold;">Significant Other Observable Inputs</div>
                            </td>
                            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                            <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                            <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                              <div style="color: rgb(0, 0, 0); font-weight: bold;">Significant Unobservable Inputs</div>
                            </td>
                            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                            <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                            <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                              <div style="color: rgb(0, 0, 0); font-weight: bold;">Impairment loss</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          </tr>
                          <tr>
                            <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">
                              <div style="text-align: center; color: #000000; font-weight: bold;">(Level 1)</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">
                              <div style="text-align: center; color: #000000; font-weight: bold;">(Level 2)</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">
                              <div style="text-align: center; color: #000000; font-weight: bold;">(Level 3)</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                          </tr>
                          <tr>
                            <td valign="bottom" style="vertical-align: top; width: 44.14%; padding-bottom: 2px;">
                              <div style="color: #000000; font-style: italic;">Vessels, net</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.14%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.59%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                              <div style="color: #000000;">$</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.01%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                              <div style="color: #000000;">-</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.14%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.14%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.25%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                              <div style="color: #000000;">$</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.01%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                              <div style="color: #000000;">65,400</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.14%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.14%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 2.28%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                              <div style="color: #000000;">$</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.01%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                              <div style="color: #000000;">-</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.14%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.14%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.48%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                              <div style="color: #000000;">$</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.01%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                              <div style="color: #000000;">7,700</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.14%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                          </tr>
                          <tr>
                            <td valign="bottom" style="vertical-align: top; width: 44.14%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                              <div style="color: #000000; font-weight: bold;">TOTAL</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.14%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.59%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                              <div style="color: #000000; font-weight: bold;">$</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                              <div style="color: #000000; font-weight: bold;">-</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.14%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.25%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                              <div style="color: #000000; font-weight: bold;">$</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                              <div style="color: #000000; font-weight: bold;">65,400</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.14%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 2.28%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                              <div style="color: #000000; font-weight: bold;">$</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                              <div style="color: #000000; font-weight: bold;">-</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.14%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                            <td valign="bottom" style="vertical-align: bottom; width: 1.48%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                              <div style="color: #000000; font-weight: bold;">$</div>
                            </td>
                            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                              <div style="color: #000000; font-weight: bold;">7,700</div>
                            </td>
                            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                          </tr>

                      </table>
                    </div>
                  </div>
                  &#160;</div>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Voyage revenues:</font></div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the three-month periods ended March 31, 2022
                  and 2023, as presented in the consolidated income statements:</div>
                <div>&#160;</div>
                <div>
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                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 66%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="6">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;">Three months ended March 31,</div>
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                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                      <tr>
                        <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 66%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2022</div>
                        </td>
                        <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-weight: bold; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td style="vertical-align: bottom; padding-bottom: 2px; font-weight: bold; text-align: center; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
                          <div style="color: rgb(0, 0, 0); font-weight: bold;">2023</div>
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                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                      <tr>
                        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 66%;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 66%;">
                          <div style="text-align: justify; color: #000000;">Time charters</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div><font style="color: #000000;">$</font></div>
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                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%;" colspan="1" class="cftnumcell">
                          <div><font style="color: #000000;">198,630</font></div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
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                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%;" colspan="1" class="cftnumcell">
                          <div><font style="color: #000000;">113,953</font></div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
                          <div style="text-align: justify; color: #000000;">Voyage charters</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">158,292</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">109,818</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 66%; padding-bottom: 2px;">
                          <div style="text-align: justify; color: #000000;">Pool revenues</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">3,961</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="color: #000000;">264</div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255); padding-bottom: 4px; font-weight: bold;">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; font-weight: bold;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                          <div style="font-weight: bold;"><font style="color: #000000;">$</font></div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="font-weight: bold;"><font style="color: #000000;">360,883</font></div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: bold;" colspan="1" class="cftfncell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; font-weight: bold;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                          <div style="font-weight: bold;"><font style="color: #000000;">$</font></div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                          <div style="font-weight: bold;"><font style="color: #000000;">224,035</font></div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: bold;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="font-family: 'Times New Roman';"><br>
              </div>
              <div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">As of December 31, 2022 and March 31, 2023, trade accounts receivable from voyage charter agreements amounted to $24,144 and $15,562, respectively. These
                  changes were mainly attributable to the timing of collections and lower rates prevailing at each period-end.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Further, as of March 31, 2023, capitalized contract fulfilment costs which are recorded under &#8220;Other current assets&#8221; decreased by $729 compared to December
                  31, 2022, from $4,366 to $3,637. The outstanding balance is mainly affected by the timing of commencement of revenue recognition.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $9,215 as
                  unearned revenue related to voyages charter agreements in progress as of December 31, 2022, which were recognized in earnings in the three-month period ended March 31, 2023 as the performance obligations were satisfied in that period. In
                  addition, the Company recorded $7,699&#160;as unearned revenue related to voyages charter agreements in progress as of March 31, 2023, which will be recognized in earnings as the performance obligations will be satisfied.</div>
                <div>&#160;</div>
                <div><br>
                </div>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-20</font></div>
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
              </div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
                Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div style="font-family: 'Times New Roman'; font-weight: bold;">March 31, 2023</div>
              <div style="font-family: 'Times New Roman'; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
              <div>&#160;</div>
              <div>
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman'; font-weight: bold; color: #000000;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold; color: #000000;">Voyage revenues &#8211;
                    continued:</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">The amount invoiced to charterers in connection with the additional revenue for scrubber-fitted vessels under time-charter contracts was $18,804 and $19,294
                  for the three-month periods ended March 31, 2022 and 2023, respectively, and did not include the fuel cost savings gained from the scrubber-fitted vessels which were employed under voyage charter agreements.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">Demurrage income for the three-month periods ended March 31, 2022 and 2023 amounted to $11,821 and $2,836, respectively, and is included in Voyage revenues in
                  the unaudited interim condensed consolidated income statements.</div>
                <div>&#160;</div>
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman';">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, 2022 and 2023 was $3,961 and&#160;$789, respectively, and is included within &#8220;Pool Revenues&#8221; in the table above. Pool Revenues also include other minor
                  participation adjustments.</div>
                <div>&#160;</div>
                <div> <br>
                </div>
              </div>
              <div><font style="font-family: 'Times New Roman'; font-weight: bold;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; font-weight: bold;">Subsequent Events:</font></div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z7871a68671ed43f59bbf13f361f6ffc0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72pt; vertical-align: top; text-align: right;">
                        <div style="text-align: left; margin-left: 54pt;">a)</div>
                        <div>&#160;</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify;">In April 2023, the Company repurchased 200,000 common shares in open market transactions at an average price of $20.74 per share for an aggregate consideration of $4,148, pursuant to the Share
                          Repurchase Program, all of which were cancelled and removed from the Company&#8217;s share capital.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="ze92ea695699347aca745b0ec9798cfef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72pt; vertical-align: top; text-align: right;">
                        <div style="text-align: left; margin-left: 54pt;">b)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify;">The outstanding amount of the loan facilities for vessels <font style="font-style: italic;">Star Eleni</font> and <font style="font-style: italic;">Star Leo</font> under the DSF $55,000 Facility
                          of $42,308 was prepaid on May 2, 2023.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z17f1210f262b4a339bc5c0c81aaa838e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72pt; vertical-align: top; text-align: right;">
                        <div style="text-align: left; margin-left: 54pt;">c)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify;"><font style="color: #000000;">On&#160;</font>May 16, 2023 the Company&#8217;s Board of Directors declared a quarterly cash dividend of $0.35&#160;per share payable on or about June 27, 2023 to all shareholders of
                          record as of June 7, 2023. The ex-dividend date is expected to be June 6, 2023.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="zc14dcd433fb14f19b5ea4298e1055947" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72pt; vertical-align: top; text-align: right;">
                        <div style="text-align: left; margin-left: 54pt;">d)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify;">In view of their refinancing as further discussed in Note 8 above, on May 9, 2023 and on May 15, 2023 the Company prepaid the outstanding loan of <font style="font-style: italic;">Star Aquarius</font>
                          of $12,813 and the outstanding lease amount for vessel <font style="font-style: italic;">Star Pisces</font> of $12,281, respectively.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
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              <div>
                <table cellspacing="0" cellpadding="0" id="z5c9e779e9e8d40078e9481d89a9d2495" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72pt; vertical-align: top; text-align: right;">
                        <div style="text-align: left; margin-left: 54pt;">e)</div>
                        <div>&#160;</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify;">Subsequent to March 31, 2023, the Company's Board of Directors adopted the 2023 Equity Incentive Plan (the &#8220;2023 Plan&#8221;) and reserved for issuance 631,500 common shares thereunder, all of which were
                          granted to certain directors, officers&#160;and&#160;employees.</div>
                      </td>
                    </tr>

                </table>
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  <div style="font-family: 'Times New Roman';" class="BRPFPageNumberArea">
    <div>
      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zfff76244995849919ca191b1e3a5a0e9" class="DSPFListTable">

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            <td style="vertical-align: top; width: 72pt; text-align: right;">f)&#160;&#160;&#160;&#160;&#160; <br>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; font-family: Arial;"><font style="font-family: 'Times New Roman';">On May 16, 2023, the Company&#8217;s Board of Directors cancelled the previous share repurchase program under which $8,549 was still outstanding and
                  authorized a new share repurchase program of up to an aggregate of $50,000&#160;(together with the previous share repurchase program &#8220;Share Repurchase Program&#8221;).</font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#160;The
                  timing and amount of any repurchases will be in the sole discretion of the Company&#8217;s management team, and will depend on legal requirements, market conditions, share price, alternative uses of capital and other factors. The Company is not
                  obligated under the terms of the Share Repurchase Program to repurchase any of its common shares. The Share Repurchase Program has no expiration date and may be suspended or terminated by the Company&#8217;s Board of Directors at any time
                  without prior notice. Common shares purchased as part of this program will be cancelled by the Company.</font></div>
            </td>
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    <div>&#160;</div>
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  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-21</font></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99-2.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right; font-weight: bold;">Exhibit 99.2</div>
  <div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;"><img width="315" height="83" src="image00016.jpg"></div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;">STAR BULK CARRIERS CORP. REPORTS NET PROFIT OF $45.9 MILLION</div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;">FOR THE FIRST QUARTER OF 2023</div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;">DECLARES QUARTERLY DIVIDEND OF $0.35 PER SHARE</div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;">AND RENEWS SHARE REPURCHASE PROGRAM OF UP TO $50.0 MILLION<br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-weight: bold;">ATHENS, GREECE, May 16, 2023</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 2023.<font style="font-style: italic; color: #000000;">&#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><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;"><u>Financial Highlights</u></div>
    <div><br>
    </div>
    <div>
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          <tr>
            <td valign="bottom" colspan="4" style="vertical-align: top;">
              <div style="color: #000000; font-family: Arial;">(Expressed in thousands of U.S. dollars,</div>
              <div style="color: #000000; font-family: Arial;">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>
            <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: #000000; font-family: Arial; font-weight: bold;">First quarter 2023</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: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">First quarter 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: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Voyage Revenues</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: Arial;">$</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: Arial;">224,035</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">360,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Net income</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">45,875</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">170,364</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Adjusted Net income&#160; <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</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: Arial;">37,077</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">175,562</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Net cash provided by operating activities</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">83,190</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">229,156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</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: Arial;">94,391</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">220,683</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">84,802</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">225,881</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Earnings per share diluted</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</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: Arial;">0.44</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">1.67</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Adjusted earnings per share diluted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">0.36</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">1.72</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Dividend per share for the relevant period</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</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: Arial;">0.35</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: Arial;">$</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: Arial;">1.65</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: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Average Number of Vessels</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: Arial;">127.6</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: Arial;">128.0</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: Arial;">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="vertical-align: 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: Arial;">$</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: Arial;">156,100</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">304,904</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Daily Time Charter Equivalent Rate ("TCE") <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">14,199</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%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">27,405</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Daily OPEX per vessel <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</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: Arial;">4,858</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">4,988</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Daily OPEX per vessel (excl. non recurring expenses) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">4,696</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000; font-family: Arial;">4,747</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Daily Net Cash G&amp;A expenses per vessel <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</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: Arial;">1,059</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: Arial;">$</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: Arial;">1,065</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="text-align: justify; font-family: Arial; font-weight: bold;"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; _________<br>
      </u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z077be6408c9b423c983ac1ef411c5683">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-size: 8pt; font-style: italic;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-size: 8pt; font-style: italic;">Adjusted Net income and Adjusted earnings per share are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per
              share, which are the most directly comparable financial measures 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'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbde5b3651bd4511bfebc414a07ad50a">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-size: 8pt; font-style: italic;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-size: 8pt; font-style: italic;">EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I 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 certain non-cash gains / (losses).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62873c01b56343b997ea7ad9fa8a6f77">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-size: 8pt; font-style: italic;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-size: 8pt; font-style: italic;">Daily Time Charter Equivalent Rate (&#8220;TCE&#8221;) and TCE Revenues are non-GAAP measures. Please see EXHIBIT I 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'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za446bc991c674f87b42040628988613b">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-size: 8pt; font-style: italic;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-size: 8pt; 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, 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'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5730c786a4e146628cdc8ca2e985d756">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-size: 8pt; font-style: italic;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-size: 8pt; font-style: italic;">Daily Net Cash G&amp;A expenses per vessel is calculated by (1)&#160;adding the Management fee expense to, the General and Administrative expenses (net of share-based compensation
              expense and other non-cash charges) and (2)&#160;then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I 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="text-align: justify; text-indent: -13.7pt; margin-left: 23.05pt;"><font style="font-family: Arial; font-style: italic;"> </font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Petros Pappas, Chief Executive Officer of Star Bulk, commented:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-style: italic;">&#160;&#8220;Star Bulk was profitable for the first quarter of 2023, the seasonally weakest period of the year, reporting Net Income of $45.9 million and a TCE of $14,199. On
        the basis of our dividend policy, our Board of Directors has approved a dividend of $0.35 / share, representing our ninth consecutive quarterly payment. Since the beginning of 2021, the Company has returned over $1 billion to shareholders through
        dividends and share buybacks.</font>&#160;</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">&#160;</div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-style: italic;">Looking at our fleet, we took advantage of the increase in vessel values and agreed to opportunistically sell two 2011 built Capesize vessels, the Star Borealis and
        Star Polaris. We also agreed with the war risk insurers of the Star Pavlina that the vessel became a constructive total loss, given its prolonged detainment in Ukraine following the ongoing conflict between Russia and Ukraine. Looking towards fleet
        renewal and increased fuel efficiency, we have secured seven long-term charter-in EEDI-Phase 3 latest generation eco vessels, built at first class shipyards, six of which are expected to be delivered during 2024.</font>&#160;</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">&#160;</div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-style: italic;">We are also very positive as far as our cooperation</font>&#160;<font style="font-style: italic;">with the Iron Ore Consortium on Green Corridors</font>&#160;<font style="font-style: italic;">is concerned. Our recent study showed that ships powered by clean ammonia could carry iron ore from Australia to East Asia as soon as 2028 and could reach 5% of that market by 2030, assuming broad acceptance of ammonia
        as a fuel.&#160;</font></div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">&#160;</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">We are optimistic about the medium term prospects of the dry bulk market given the favorable order book and upcoming environmental regulations. We believe Star Bulk remains well
      positioned, with a strong balance sheet and a fully scrubber fitted fleet, to take advantage of the positive market backdrop and continue creating value for its shareholders.&#8221;</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-style: italic; font-weight: bold;"><u>Recent Developments</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Declaration of Dividend</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">As of March 31, 2023, our aggregate amount of cash on our balance sheet was $254.6 million and after&#160;giving effect to the share repurchases and the prepayments of debt in connection with the changes
      in our fleet as described below, that took place during the first quarter of 2023, the cash available for distribution under our dividend policy was $306.0 million. Taking into account the Minimum Cash Balance per Vessel, as defined in our 2022
      annual report, on May 16, 2023, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.35 per share, payable on or about June 27, 2023 to all shareholders of record as of June 7, 2023. The ex-dividend date is
      expected to be June 6, 2023.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Share Repurchase Program and Shares Outstanding Update</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In March 2023, we repurchased 331,223 common shares in open market transactions at an average price of $21.12 per share for an aggregate consideration of $7.0 million pursuant to the $50.0 million
      share repurchase program announced in August 2021. In addition, in April 2023, we repurchased 200,000 common shares in open market transactions at an average price of $20.74 per share for an aggregate consideration of $4.15 million, pursuant to the
      abovementioned share repurchase program. All of the abovementioned shares were cancelled and removed from our share capital as of the date of this release. </div>
    <div style="text-align: justify; font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">On May 16, 2023, our Board of Directors cancelled the previous share repurchase program under which $8.5 million was still outstanding and authorized a new share repurchase program of up to an
      aggregate of $50.0 million (&#8220;Share Repurchase Program&#8221;). The timing and amount of any repurchases will be in the sole discretion of our management team, and will depend on legal requirements, market conditions, share price, alternative uses of
      capital and other factors. Repurchases of common shares may take place in privately negotiated transactions, in open market transactions pursuant to Rule 10b-18 of the Exchange Act and/or pursuant to a trading plan adopted in accordance with Rule
      10b5-1 of the Exchange Act. We are not obligated under the terms of the Share Repurchase Program to repurchase any of our common shares. The Share Repurchase Program has no expiration date and may be suspended or terminated by our Board of Directors
      at any time without prior notice. We will cancel common shares repurchased as part of this program. </div>
    <div style="text-align: justify; font-family: Arial;"> <br>
    </div>
    <div style="text-align: justify; font-family: Arial;">As of today, we have 102,881,065 shares outstanding.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Fleet Update</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">During the first quarter of 2023, we agreed with the war risk insurers of the vessel <font style="font-style: italic;">Star Pavlina</font>, that the vessel became a constructive total loss as of
      February 24, 2023, given its prolonged detainment in Ukraine following the commencement of Russia&#8217;s military action against Ukraine on February 24, 2022. As of the date of this release, we have collected the corresponding insurance value of this
      vessel.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">On March 24, 2023, we agreed to sell the vessels <font style="font-style: italic;">Star Borealis</font> and <font style="font-style: italic;">Star Polaris</font>. The <font style="font-style: italic;">Star Borealis </font>was delivered to its new owner with the respective sale proceeds being collected on May 4, 2023, while the delivery of <font style="font-style: italic;">Star Polaris</font> is expected to occur by the end of May or
      early June 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">As of the date of this release, we have entered into long-term charter-in arrangements with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered
      during 2024 with an approximate duration of seven years per vessel plus optional years. In addition, in November 2021 we took delivery of the Capesize vessel <font style="font-style: italic;">Star Shibumi</font>, under a long-term charter-in
      contract for a period up to November 2028. Please see below a summary table of the respective contracts:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z26daaa0787724dc39c84a4dd4c85a394">

        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">#</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Name</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">DWT</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Built</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1px; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Yard</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Country</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Delivery / Estimated Delivery <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Minimum Period</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">1</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: Arial; font-size: 8pt;">Star Shibumi</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">180,000</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2021</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">JMU</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Japan</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">November 2021</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">November 2028</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom;">
            <div style="color: #000000; font-family: Arial; font-size: 8pt;">NB Kamsarmax # 1</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">82,000</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Tsuneishi</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Japan</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Q1 - 2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">3</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: Arial; font-size: 8pt;">NB Kamsarmax # 2</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">82,000</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Tsuneishi</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Japan</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Q4 - 2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom;">
            <div style="color: #000000; font-family: Arial; font-size: 8pt;">NB Kamsarmax # 3</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">82,000</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">JMU</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Japan</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Q2 - 2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">5</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: Arial; font-size: 8pt;">NB Kamsarmax # 4</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">82,000</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">JMU</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Japan</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Q3 - 2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">6</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom;">
            <div style="color: #000000; font-family: Arial; font-size: 8pt;">NB Ultramax #1</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">66,000</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Philippines</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Q1 - 2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="color: #000000; font-family: Arial; font-size: 8pt;">NB Ultramax #2</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">66,000</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1px; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Philippines</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">Q4 - 2024</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.24%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.44%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); font-family: Arial; font-size: 8pt;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">640,000</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" style="width: 6.14%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="vertical-align: bottom; font-family: Arial; font-size: 8pt; width: 1px;">&#160;</td>
          <td nowrap="nowrap" style="width: 13.99%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.48%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" style="width: 26.18%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.17%; vertical-align: bottom; font-family: Arial; font-size: 8pt;">&#160;</td>
        </tr>

    </table>
    <font style="font-family: Arial; font-size: 8pt;"> </font>
    <div><font style="font-family: Arial; font-size: 8pt;"><br>
      </font> </div>
    <div><font style="font-family: Arial; font-size: 8pt;">(1) As of the date of this release, we have also entered into a charter-in agreement for the vessel Tai Kudos which is expected to be redelivered to its owners in October 2023.</font> </div>
    <br>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Financing</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In March 2023, we entered into a committed termsheet with Nordea Bank Abp for a loan facility of up to $50.0 million (the &#8220;Nordea $50.0 million Facility&#8221;). The facility will be used to refinance the
      outstanding amounts under the loan agreements of the vessels <font style="font-style: italic;">Star Eleni</font> and <font style="font-style: italic;">Star Leo</font> and is expected to be drawn by the end of June 2023. The outstanding amount of
      the pre-existing loan facilities for the two vessels of $42.3 million was prepaid on May 2, 2023. The Nordea $50.0 million Facility is expected to be drawn in two tranches and will mature 5 years after the drawdown and will be secured by first
      priority mortgages on the <font style="font-style: italic;">Star Eleni</font> and <font style="font-style: italic;">Star Leo</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In March 2023, we entered into a committed termsheet with Skandinaviska Enskilda Banken AB for a loan facility of up to $30.0 million (the &#8220;SEB $30.0 million Facility&#8221;). The facility amount will be
      used to replenish the cash used in May 2023 to prepay the outstanding amount of $25.1 million in aggregate under the loan agreement and lease agreement for each of the vessels <font style="font-style: italic;">Star Aquarius</font> and <font style="font-style: italic;">Star Pisces</font>, respectively, and is expected to be drawn in May 2023. The SEB $30.0 million Facility is expected to be drawn in two tranches and will mature 5 years after the drawdown and will be secured by first
      priority mortgages on the <font style="font-style: italic;">Star Aquarius</font> and <font style="font-style: italic;">Star Pisces</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">The financing arrangements discussed above contain financial and other covenants substantially similar to those covenants described in Item 5 of our 2022 annual report regarding our credit
      facilities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Excess debt proceeds drawn from the new facilities described above will be used to prepay debt in other Star Bulk debt facilities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In March 2023 we prepaid the outstanding debt under the facilities financing the vessels <font style="font-style: italic;">Star Pavlina, Star Borealis</font> and <font style="font-style: italic;">Star




        Polaris</font> for an aggregate amount of $44.4 million.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Following the completion of the $509.9 million of new refinancings that we performed during 2022 and 2023, we have 13 unlevered vessels and we expect to save approximately $6.7 million per year in
      interest costs from more competitive margins.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">As of today, following a number of interest rates swaps we have entered into, we have an outstanding total notional amount of $636.5 million under our financing agreements with an average fixed rate
      of 45 bps and an average maturity of 1.0 year. As of March 31, 2023 the Mark-to-Market value of our outstanding interest rate swaps stood at $26.2 million.&#160; The above interest rate swaps are designated and qualify for hedge accounting, except for one
      which matures in August 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic; font-weight: bold;"><u>Vessel Employment Overview</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Time Charter Equivalent Rate (&#8220;TCE rate&#8221;) is a non-GAAP measure. Please see EXHIBIT I 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>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb3e96557b2014aa5844f4cfd28c48270">

        <tr>
          <td colspan="2" rowspan="1" style="width: 50%; vertical-align: top;">
            <div style="font-family: Arial; font-weight: bold;">For the first quarter of 2023 our TCE rate per main vessel categories was as follows:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-family: Arial;">Capesize / Newcastlemax Vessels:</div>
          </td>
          <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-family: Arial;">$16,807 per day.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Arial;">Post Panamax / Kamsarmax / Panamax Vessels:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: Arial;">$13,904 per day.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-family: Arial;">Ultramax / Supramax Vessels:</div>
          </td>
          <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-family: Arial;">$12,393 per day.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;"> <br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">Amounts shown throughout the press release and variations in period&#8211;over&#8211;period comparisons are derived from the actual unaudited numbers in our books and records. Reference to
      per share figures below are based on 103,381,943 and 102,257,673 weighted average diluted shares for the first quarter of 2023 and 2022, respectively.</div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>First Quarter 2023 and 2022 Results</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">For the first quarter of 2023, we had a net income of $45.9 million, or $0.44 earnings per share, compared to a net income for the first quarter of 2022 of $170.4 million, or $1.67 earnings per
      share. Adjusted net income, which excludes certain non-cash items, was $37.1 million, or $0.36 earnings per share, for the first quarter of 2023, compared to an adjusted net income of $175.6 million for the first quarter of 2022, or $1.72 earnings
      per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Net cash provided by operating activities for the first quarter of 2023 was $83.2 million, compared to $229.2 million for the first quarter of 2022. Adjusted EBITDA, which excludes certain non-cash
      items, was $84.8 million for the first quarter of 2023, compared to $225.9 million for the first quarter of 2022.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Voyage revenues for the first quarter of 2023 decreased to $224.0 million from $360.9 million in the first quarter of 2022 and Time charter equivalent revenues (&#8220;TCE Revenues&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> were
      $156.1 million for the first quarter of 2023, compared to $304.9 million for the first quarter of 2022. TCE rate for the first quarter of 2023 was $14,199 compared to $27,405 for the first quarter of 2022 which is indicative of the weaker market
      conditions prevailing during the recent quarter.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">For the first quarters of 2023 and 2022, vessel operating expenses were $55.8 million and $57.5 million, respectively. Vessel operating expenses for the first quarter of 2023 included additional
      crew expenses related to the increased number and cost of crew changes performed during the period as a result of COVID-19 related restrictions, estimated to be $1.4 million. In addition, we incurred $0.5 million of additional operating expenses due
      to change of management of certain vessels from third party to in-house. Vessel operating expenses for the first quarter of 2022 included COVID-19 related expenses of $2.8 million. Excluding non-recurring expenses such as increased costs due to the
      COVID-19 pandemic and pre-delivery and pre-joining expenses due to change of management, our daily operating expenses per vessel decreased to $4,696 for the first quarter of 2023 from $4,747 for the first quarter of 2022.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Drydocking expenses for the first quarters of 2023 and 2022, were $8.0 million and $8.7 million, respectively. During the first quarter of 2023, five vessels completed their periodic dry docking
      surveys while during the corresponding period in 2022, eight vessels completed their periodic dry docking surveys.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">General and administrative expenses for the first quarters of 2023 and 2022 were $11.7 million and $8.8 million, respectively, primarily due to the increase in the stock based compensation expense
      to $3.4 million from $1.2 million. Vessel management fees for the first quarter of 2023 decreased to $4.2 million from $4.8 million in the corresponding period of 2022 due to the change of management of certain vessels, from third party to in-house
      as described above. 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 2023 and 2022 were $1,059 and $1,065,
      respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Depreciation expense decreased to $35.1 million for the first quarter of 2023 compared to $38.5 million for the corresponding period in 2022. The decrease is primarily driven by the change in the
      estimated scrap rate per light weight tonnage from $300 to $400 effective January 1, 2023, which resulted in lower depreciation expense by $3.9 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">During the first quarter of 2023, an impairment loss of $7.7 million was incurred, resulting from the agreement to sell the vessels <font style="font-style: italic;">Star Borealis</font> and <font style="font-style: italic;">Star Polaris</font> described above as part of our fleet update.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Other operational gain for the first quarter of 2023 of $33.2 million includes a) gains from insurance proceeds relating to <font style="font-style: italic;">Star Pavlina</font>&#8217;s total loss
      discussed in our fleet update above of $28.2 million, b) daily detention compensation for <font style="font-style: italic;">Star Pavlina</font> pursuant to its war risk insurance policy of $2.7 million in aggregate as well as c) other gains from
      insurance claims relating to other vessels of $2.3 million in aggregate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Our results for the first quarter of 2023 include a loss on write-down of inventories of $2.2 million resulting from the valuation of the bunkers remaining on board our vessels as a result of their
      lower net realizable value compared to their historical cost.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Interest and finance costs for the first quarters of 2023 and 2022 were $15.7 million and $12.1 million, respectively. The driving factor for this increase is the significant increase in variable
      interest rates, which was partially offset by the positive effect from our interest rate swaps and the decrease in our weighted average outstanding indebtedness.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Interest income and other income for the first quarter of 2023 amounted to $3.1 million, compared to an interest income and other income, of $0.3 million in the first quarter of 2022. This variation
      is mainly due to higher interest earned from fixed deposits during the first quarter of 2023 and higher foreign exchange gains recognized in the same period compared to the first quarter of 2022.</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: Arial; font-size: 8pt;"><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;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Unaudited Consolidated Income Statements</u></div>
    <div style="font-family: Arial;">&#160; <br>
      <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z87d78c87064f4cd49c7645dd15c07871" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

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            <td valign="bottom" colspan="1" style="vertical-align: top; padding-bottom: 2px; width: 70%;">
              <div style="color: #000000; font-family: Arial; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data)</div>
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            <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: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">First quarter 2023</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); 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: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000; font-family: Arial; 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); width: 1%;">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#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; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#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; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Revenues:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Voyage revenues</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="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">224,035</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">360,883</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>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Total revenues</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: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">224,035</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="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: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; 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; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">&#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: 12%;">&#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: 12%;">&#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: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">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: 12%; 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: #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: 12%; 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: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">Voyage 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: 12%;">
              <div style="color: #000000; font-family: Arial;">(67,492</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(53,404</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Charter-in hire 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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(6,615</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: Arial;">)</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(4,012</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: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">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: 12%;">
              <div style="color: #000000; font-family: Arial;">(55,785</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(57,466</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(8,007</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: Arial;">)</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(8,727</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: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">Depreciation</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(35,069</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(38,461</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(4,244</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: Arial;">)</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(4,839</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: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">Loss on bad debt</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(300</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">-</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: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(11,665</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: Arial;">)</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(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: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">Gain/(Loss) on forward freight agreements and bunker swaps, net<br>
              </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: 12%;">
              <div style="color: #000000; font-family: Arial;">1,308</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(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: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Impairment 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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(7,700</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: Arial;">)</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">-</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: 70%;">
              <div style="color: #000000; font-family: Arial;">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: 12%;">
              <div style="color: #000000; font-family: Arial;">(155</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(614</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">33,233</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">267</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: 70%;">
              <div style="color: #000000; font-family: Arial;">Loss on write-down of inventory</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(2,166</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">-</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: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#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: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#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: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#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: 70%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Operating income</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: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">59,378</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;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; 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;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">&#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: 12%; 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: #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: 12%; 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: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">Interest and finance costs</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(15,702</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(12,082</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Interest income and other 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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">3,149</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">Gain/(Loss) on interest rate swaps, net<br>
              </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: 12%;">
              <div style="color: #000000; font-family: Arial;">(372</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">-</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: 70%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Gain/(Loss) on debt extinguishment, net</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: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">(419</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: #000000; font-family: Arial;">)</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: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">-</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: 70%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; 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;">&#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: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">(13,344</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: Arial; font-weight: bold;">)</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: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; 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: Arial; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; 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: 12%; background-color: rgb(204, 238, 255); 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%; 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: 12%; background-color: rgb(204, 238, 255); 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%; 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: 70%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Income before taxes and equity in income/(loss) of investee</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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">46,034</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">170,418</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: 70%; background-color: rgb(204, 238, 255);">&#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: 12%; 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: #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: 12%; 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: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">Income taxes</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(103</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: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(37</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; 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: 12%; background-color: rgb(204, 238, 255); 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%; 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: 12%; background-color: rgb(204, 238, 255); 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%; 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: 70%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Income before 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: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">45,931</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;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">170,381</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: 70%; background-color: rgb(204, 238, 255);">&#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: 12%; 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: #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: 12%; 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: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">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: 12%;">
              <div style="color: #000000; font-family: Arial;">(56</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 12%;">
              <div style="color: #000000; font-family: Arial;">(17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; 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: 12%; background-color: rgb(204, 238, 255); 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%; 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: 12%; background-color: rgb(204, 238, 255); 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%; 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: 70%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Net income</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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">45,875</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; 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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">&#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: 12%; 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: #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: 12%; 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: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">Earnings per share, basic</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div style="color: #000000; font-family: Arial;">0.45</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div style="color: #000000; font-family: Arial;">1.67</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: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Earnings per share, 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: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">0.44</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">1.67</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: 70%;">
              <div style="color: #000000; font-family: Arial;">Weighted average number of shares outstanding, basic</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: 12%;">
              <div style="color: #000000; font-family: Arial;">102,974,041</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: 12%;">
              <div style="color: #000000; font-family: Arial;">101,981,583</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: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Weighted average number of shares outstanding, 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;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">103,381,943</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">102,257,673</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><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Unaudited Consolidated Condensed Balance Sheet Data</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;">
      <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z088db3d5b3d54bf8a36a71295c1bf36d" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%;">
              <div style="color: #000000; font-family: Arial; font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#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; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#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; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#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; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#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; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 66%;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">ASSETS</div>
            </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: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 9pt; font-weight: bold;">March 31, 2023</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-family: Arial; font-size: 9pt;">&#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: Arial; font-size: 9pt; font-weight: bold;">December 31, 2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Cash and cash equivalents and resticted cash, current</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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">252,547</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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">284,323</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: 66%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">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: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">257,139</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: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">217,769</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: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; 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: 14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">509,686</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: 14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">502,092</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: 66%;">&#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: 14%;">&#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: 14%;">&#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: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">2,818,233</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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">2,881,551</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: 66%;">
              <div style="color: #000000; font-family: Arial;">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: 14%;">
              <div style="color: #000000; font-family: Arial;">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: 14%;">
              <div style="color: #000000; font-family: Arial;">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: 66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">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: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">42,197</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: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">47,960</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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; 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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">3,372,137</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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">3,433,624</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: 66%; background-color: rgb(204, 238, 255);">&#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: 14%; 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: #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: 14%; 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: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%;">
              <div style="color: #000000; font-family: Arial;">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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
              <div style="color: #000000; font-family: Arial;">204,358</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%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
              <div style="color: #000000; font-family: Arial;">181,947</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: 66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">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: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">106,458</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: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">100,608</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: 66%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">TOTAL CURRENT 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;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">310,816</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;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">282,555</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: 66%; background-color: rgb(204, 238, 255);">&#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: 14%; 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: #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: 14%; 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: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 66%;">
              <div style="color: #000000; font-family: Arial;">Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of $10,611 and $11,694, 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: 14%;">
              <div style="color: #000000; font-family: Arial;">1,041,612</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: 14%;">
              <div style="color: #000000; font-family: Arial;">1,103,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">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: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">27,184</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: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">28,494</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: 66%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; 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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">1,379,612</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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">1,414,282</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: 66%; background-color: rgb(204, 238, 255);">&#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: 14%; 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: #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: 14%; 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: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%;">
              <div style="color: #000000; font-family: Arial; 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: 14%;">
              <div style="color: #000000; font-family: Arial;">1,992,525</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: 14%;">
              <div style="color: #000000; font-family: Arial;">2,019,342</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: 66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#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: 14%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#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: 14%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#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: 66%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; 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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">3,372,137</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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">3,433,624</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><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Unaudited Consolidated Condensed Cash Flow Data</u></div>
    <div style="font-family: Arial;"><br>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z21d6029d80a74a0786c6579042b33d61" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 66%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; font-size: 9pt; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Three months ended</div>
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> March 31, 2023</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; font-family: Arial; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; font-family: Arial; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top; font-size: 9pt; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Three months ended</div>
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> March 31, 2022</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: top; width: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; 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: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">83,190</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; 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>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 18pt; width: 66%;">&#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: 14%;">&#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: 14%;">&#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; padding-left: 9pt; width: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Acquisition of 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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(69</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: Arial;">)</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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(101</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: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 66%;">
              <div style="color: #000000; font-family: Arial;">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: 14%;">
              <div style="color: #000000; font-family: Arial;">(5,320</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">)</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: 14%;">
              <div style="color: #000000; font-family: Arial;">(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: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Hull and machinery insurance proceeds<br>
              </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: 14%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">358</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="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: 14%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">1,600</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" colspan="1" style="vertical-align: top; width: 66%;">
              <div style="color: #000000; font-family: Arial; 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%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">(5,031</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">)</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: 14%;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">(4,814</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 18pt; width: 66%; background-color: rgb(204, 238, 255);">&#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: 14%; 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: #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: 14%; 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: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 66%;">
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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: 14%;">
              <div style="color: #000000; font-family: Arial;">-</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; padding-left: 9pt; width: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Scheduled vessels' debt repayment</div>
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            <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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(42,850</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; 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: 14%; background-color: rgb(204, 238, 255);">
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              <div style="color: #000000; font-family: Arial;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 66%;">
              <div style="color: #000000; font-family: Arial;">Debt prepayment due to vessel total loss and sales</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: 14%;">
              <div style="color: #000000; font-family: Arial;">(44,443</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: Arial;">)</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: 14%;">
              <div style="color: #000000; font-family: Arial;">-</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; padding-left: 9pt; width: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Financing and debt extinguishment fees paid<br>
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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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(587</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: Arial;">)</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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">-</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: top; padding-left: 9pt; width: 66%;">
              <div style="color: #000000; font-family: Arial;">Proceeds from issuance of common stock<br>
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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: 14%;">
              <div style="color: #000000; font-family: Arial;">-</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: 14%;">
              <div style="color: #000000; font-family: Arial;">4,350</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: top; padding-left: 9pt; width: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Repurchase of common shares</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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">(7,005</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: Arial;">)</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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">-</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: top; padding-left: 9pt; width: 66%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Dividend paid</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: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">(62,050</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);">
              <div style="color: #000000; font-family: Arial;">)</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: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: Arial;">(204,801</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);">
              <div style="color: #000000; font-family: Arial;">)</div>
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          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Net cash provided by / (used in) financing 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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">(109,935</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: Arial; font-weight: bold;">)</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: 14%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">(253,207</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: Arial; font-weight: bold;">)</div>
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    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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    <div><br>
    </div>
    <div><br>
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    <div style="font-family: Arial; font-weight: bold;"><u>Summary of Selected Data</u></div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-style: italic;"><br>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">First quarter 2023</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>
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              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">First quarter 2022</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>
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              <div style="color: #000000; font-family: Arial;">Average number of vessels (1)</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">127.6</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">128.0</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: 70%;">
              <div style="color: #000000; font-family: Arial;">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: 12%;">
              <div style="color: #000000; font-family: Arial;">127</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: 12%;">
              <div style="color: #000000; font-family: Arial;">128</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" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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: #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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">11.2</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">10.1</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: 70%;">
              <div style="color: #000000; font-family: Arial;">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: 12%;">
              <div style="color: #000000; font-family: Arial;">11,483</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: 12%;">
              <div style="color: #000000; font-family: Arial;">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: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Available days (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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">10,994</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: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">11,126</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: 70%;">
              <div style="color: #000000; font-family: Arial;">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: 12%;">
              <div style="color: #000000; font-family: Arial;">247</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: 12%;">
              <div style="color: #000000; font-family: Arial;">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" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">14,199</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 70%;">
              <div style="color: #000000; font-family: Arial;">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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div style="color: #000000; font-family: Arial;">4,858</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div style="color: #000000; font-family: Arial;">4,988</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: 70%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">4,696</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">4,747</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: 70%;">
              <div style="color: #000000; font-family: Arial;">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: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div style="color: #000000; font-family: Arial;">1,059</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
              <div style="color: #000000; font-family: Arial;">1,065</div>
            </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 style="text-align: justify; font-family: Arial; font-size: 8pt; 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: Arial; font-size: 8pt; font-style: italic;">(2) As of the last day of the periods reported.</div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt; 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: Arial; font-size: 8pt; 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: Arial; font-size: 8pt; 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, change
      of management&#160; and 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 the COVID-19 pandemic. Our method of
      computing Available&#160;Days may&#160;not necessarily be comparable to Available Days of other companies.</div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt; 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: Arial; font-size: 8pt; font-style: italic;">(7) Time charter equivalent rate<font style="color: #000000;">&#160;</font>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.<font style="color: #000000;">&#160;</font>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. For a detailed
      calculation please see Exhibit I at the end of this release with the reconciliation of Voyage Revenues to TCE.</div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt; 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 at change of management
      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: Arial; font-size: 8pt; font-style: italic;">(9) Please see Exhibit I 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><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>EXHIBIT I: Non-GAAP Financial Measures</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>EBITDA and Adjusted EBITDA Reconciliation</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">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><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">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><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">The following table reconciles net cash provided by operating activities to EBITDA and Adjusted EBITDA:</div>
    <div style="text-align: justify; font-family: Arial;">&#160; <br>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z691c0639c6c44a45ab91de850c2a51b5" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; 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: Arial; font-size: 8pt; font-weight: bold;">First quarter 2023</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: Arial; font-size: 8pt; 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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">83,190</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</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: #000000; font-family: Arial; font-size: 8pt;">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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">(4,411</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial; 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="color: #000000; font-family: Arial; font-size: 8pt;">6,119</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: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">(6,004</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: #000000; font-family: Arial; font-size: 8pt;">)</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: Arial; font-size: 8pt;">(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: #000000; font-family: Arial; font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Impairment 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="color: #000000; font-family: Arial; font-size: 8pt;">(7,700</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial; 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="color: #000000; font-family: Arial; 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" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Gain/(Loss) on debt extinguishment, net</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: Arial; font-size: 8pt;">(419</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: #000000; font-family: Arial; font-size: 8pt;">)</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: Arial; 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);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Share &#8211; based compensation</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: Arial; font-size: 8pt;">(3,446</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: Arial; 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="color: #000000; font-family: Arial; font-size: 8pt;">(1,233</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: Arial; font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Amortization of debt (loans and leases) issuance costs<br>
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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: #000000; font-family: Arial; font-size: 8pt;">(1,043</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: #000000; font-family: Arial; font-size: 8pt;">)</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: Arial; font-size: 8pt;">(1,339</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: #000000; font-family: Arial; font-size: 8pt;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">(4,864</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: Arial; 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="color: #000000; font-family: Arial; font-size: 8pt;">(4,060</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">13,344</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: Arial; font-size: 8pt;">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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Gain from insurance proceeds relating to vessel total 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="color: #000000; font-family: Arial; font-size: 8pt;">28,163</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: Arial; 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" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Loss on bad 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: #000000; font-family: Arial; font-size: 8pt;">(300</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: #000000; font-family: Arial; font-size: 8pt;">)</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: Arial; 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);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">103</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: Arial; font-size: 8pt;">37</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: Arial; font-size: 8pt;">Loss on write-down of inventory</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: Arial; font-size: 8pt;">(2,166</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: #000000; font-family: Arial; font-size: 8pt;">)</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: Arial; font-size: 8pt;">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" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; 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="color: #000000; font-family: Arial; font-size: 8pt;">(56</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: #000000; font-family: Arial; font-size: 8pt;">)</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: Arial; font-size: 8pt;">(17</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: #000000; font-family: Arial; font-size: 8pt;">)</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: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">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: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">94,391</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">220,683</div>
            </td>
            <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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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);">&#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: Arial; font-size: 8pt;">56</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: Arial; font-size: 8pt;">17</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" colspan="1" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">4,864</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: Arial; 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" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Loss on write-down of inventory</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: Arial; font-size: 8pt;">2,166</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: Arial; 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);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Gain from insurance proceeds relating to vessel total loss</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: Arial; font-size: 8pt;">(28,163</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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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: Arial; 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" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">3,446</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: Arial; font-size: 8pt;">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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Loss on bad debt</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: Arial; font-size: 8pt;">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="color: #000000; font-family: Arial; 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" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Impairment loss</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: Arial; font-size: 8pt;">7,700</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: Arial; 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);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">42</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: #000000; font-family: Arial; font-size: 8pt;">(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: #000000; font-family: Arial; font-size: 8pt;">)</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: #000000; font-family: Arial; font-size: 8pt; 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: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">84,802</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">225,881</div>
            </td>
            <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>

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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;"><u>Net income and Adjusted Net income Reconciliation and Calculation of Adjusted Earnings Per Share</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">To derive Adjusted Net Income and Adjusted Earnings Per Share from Net Income, we exclude non-cash items, as provided in the table below. We believe that Adjusted Net Income and Adjusted Earnings
      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 and Adjusted Earnings Per Share may not necessarily
      be comparable to other similarly titled captions of other companies.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">
      <table cellspacing="0" cellpadding="0" class="cfttable" id="zf6c9796808214c6e8b8eec92124ec0a1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; 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: #000000 solid 2px;">
              <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">First quarter 2023</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: Arial; font-size: 8pt; 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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Net 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;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">45,875</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; 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: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Loss on bad debt</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: Arial; font-size: 8pt;">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="color: #000000; font-family: Arial; 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" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">3,446</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: Arial; font-size: 8pt;">1,233</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: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">42</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: Arial; font-size: 8pt;">(112</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Unrealized (gain) / loss on forward freight agreements and bunker swaps, net<br>
              </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: Arial; font-size: 8pt;">4,864</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: Arial; font-size: 8pt;">4,060</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: Arial; font-size: 8pt;">Unrealized (gain) / loss on interest rate swaps, net<br>
              </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: Arial; font-size: 8pt;">372</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: Arial; 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" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Impairment 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;">
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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: Arial; 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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Gain from insurance proceeds relating to vessel total 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="color: #000000; font-family: Arial; font-size: 8pt;">(28,163</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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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: Arial; 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" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Loss on write-down of inventory</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: Arial; font-size: 8pt;">2,166</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: Arial; 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: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">(Gain)/Loss on debt extinguishment, net (non-cash)</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: Arial; font-size: 8pt;">419</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: Arial; 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" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">56</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: Arial; font-size: 8pt;">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);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Adjusted Net income</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: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">37,077</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</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="color: #000000; font-family: Arial; font-size: 8pt; 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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">102,974,041</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: Arial; font-size: 8pt;">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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">103,381,943</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: Arial; font-size: 8pt;">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: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Adjusted Basic and Diluted Earnings Per Share</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: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">0.36</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; 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>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Voyage Revenues to Daily Time Charter Equivalent (&#8220;TCE&#8221;) Reconciliation</u></div>
    <div style="font-family: Arial;"><br>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z9ca27772bf8b4073b4987d00e331ceb1" style="font-family: 'Times New Roman'; 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: Arial; font-size: 8pt; font-style: italic;">(In thousands of U.S. Dollars, except for TCE rates)</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: Arial; font-size: 8pt; font-weight: bold;">First quarter 2023</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: Arial; font-size: 8pt; 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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Voyage revenues</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: Arial; font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">224,035</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; 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: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">(67,492</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: Arial; 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="color: #000000; font-family: Arial; font-size: 8pt;">(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: Arial; font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">(6,615</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000; font-family: Arial; 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="color: #000000; font-family: Arial; font-size: 8pt;">(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: Arial; font-size: 8pt;">)</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: #000000; font-family: Arial; font-size: 8pt;">Realized gain/(loss) on FFAs/bunker swaps, net<br>
              </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: Arial; font-size: 8pt;">6,172</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>
            <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: Arial; font-size: 8pt;">1,437</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: Arial; font-size: 8pt; 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;">&#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: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">156,100</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</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="color: #000000; font-family: Arial; font-size: 8pt; 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;">&#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%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Available 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: #000000; font-family: Arial; font-size: 8pt;">10,994</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: #000000; font-family: Arial; font-size: 8pt;">11,126</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: 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; 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; 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: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">14,199</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; 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; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Daily Net Cash G&amp;A expenses per vessel Reconciliation</u></div>
    <div style="font-family: Arial;">&#160;<br>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="zaf059a42a7794cc090dab2ec0dd617a9" style="font-family: 'Times New Roman'; 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: Arial; font-size: 8pt; font-style: italic;">(In thousands of U.S. Dollars, except for daily rates)</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: Arial; font-size: 8pt; font-weight: bold;">First quarter 2023</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: Arial; font-size: 8pt; 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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">11,665</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">8,765</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: Arial; font-size: 8pt; 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: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">4,244</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: Arial; 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: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; 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: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">(3,446</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: Arial; 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="color: #000000; font-family: Arial; font-size: 8pt;">(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: #000000; font-family: Arial; font-size: 8pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">(42</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: #000000; font-family: Arial; font-size: 8pt;">)</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: Arial; font-size: 8pt;">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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Net Cash G&amp;A 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: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">12,421</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</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="color: #000000; font-family: Arial; font-size: 8pt; 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>
          </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: Arial; font-size: 8pt;">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: #000000; font-family: Arial; font-size: 8pt;">11,483</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>
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            <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: Arial; font-size: 8pt;">247</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: #000000; font-family: Arial; font-size: 8pt;">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>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; 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>
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              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,059</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</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="color: #000000; font-family: Arial; font-size: 8pt; 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>
          </tr>

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    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-size: 8pt; font-weight: bold;">Conference Call details:</div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt;">Our management team will host a conference call to discuss our financial results on Wednesday, May 17, 2023 at 11:00 a.m., Eastern Time (ET).</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt;">Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard
      International Dial In), or +0 800 756 3429 (UK Toll Free Dial In). Please quote &#8220;Star Bulk Carriers&#8221; to the operator and/or conference ID 13738660. Click here for additional participant International Toll-Free access numbers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt;">Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system
      call you right away. Click here for the call me option.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-weight: bold;">Slides and audio webcast:</div>
    <div>
      <div style="text-align: justify; font-family: Arial; font-size: 8pt;"><font style="color: #000000;">There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company&#8217;s website. To
          listen to the archived audio file, visit our website </font><u>www.starbulk.com</u><font style="color: #000000;"> 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.</font></div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-weight: bold;">About Star Bulk</div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt;">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;. As of May 16, 2023 and as adjusted for the delivery of <font style="font-style: italic;">Star Polaris</font> to its new owner as discussed above, Star Bulk
      operates a fleet of 125 vessels, with an aggregate capacity of 13.6 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 40 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax vessels with carrying capacities
      between 52,425 dwt and 209,529 dwt.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-weight: bold;">Forward-Looking Statements</div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt;">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><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt;">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;will,&#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><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt;">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><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt;">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 <font style="color: #000000;">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</font>;
      business disruptions due to natural disasters or other disasters outside our control, such as the ongoing novel coronavirus (&#8220;COVID-19&#8221;) pandemic (and variants that may emerge); 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 expenses, including bunker prices, dry docking,<font style="font-size: 10pt;">&#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 (&#8220;ESG&#8221;) practices; our ability to carry out our ESG
      initiatives and thereby meet our ESG goals and targets; 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; potential cyber-attacks which may disrupt our business operations; general domestic and international political conditions or events, including &#8220;trade wars&#8221; and the ongoing conflict 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 reasons (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 and upon the expected terms and the impact of port or canal congestion or disruptions. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these
      and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward&#8208;looking statements as a result of developments occurring after the date
      of this communication.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-weight: bold;">Contacts</div>
    <div style="text-align: justify;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8bd7b91461764135bd45ce93c2d2a6b5">

          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Company:</div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Investor Relations / Financial Media:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Simos Spyrou, Christos Begleris</div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Nicolas Bornozis</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Co &#8208; Chief Financial Officers</div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">President</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Star Bulk Carriers Corp.</div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Capital Link, Inc.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">c/o Star Bulk Management Inc.</div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">230 Park Avenue, Suite 1536</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">40 Ag. Konstantinou Av.</div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">New York, NY 10169</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Maroussi 15124</div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Tel. (212) 661&#8208;7566</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Athens, Greece</div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">E&#8208;mail: <u>starbulk@capitallink.com</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;">Email:<u> info@starbulk.com</u></div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;"><u>www.capitallink.com</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.14%; vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-size: 8pt;"><u>www.starbulk.com</u></div>
            </td>
            <td style="width: 52.86%; vertical-align: top;">&#160;</td>
          </tr>

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