<SEC-DOCUMENT>0000950157-23-001134.txt : 20231113
<SEC-HEADER>0000950157-23-001134.hdr.sgml : 20231113
<ACCEPTANCE-DATETIME>20231113172011
ACCESSION NUMBER:		0000950157-23-001134
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20231113
FILED AS OF DATE:		20231113
DATE AS OF CHANGE:		20231113

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:		231400117

	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-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
      <div><br>
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        <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
        <div style="text-align: center; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
        <div style="text-align: center; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
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      <div>
        <div style="text-align: center;">For the month of&#160; November 2023</div>
        <div style="text-align: center;">Commission File Number: 001-33869</div>
        <div><br>
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      <div style="text-align: center; font-size: 24pt; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
      <div>
        <div style="text-align: center;">(Translation of registrant&#8217;s name into English)</div>
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        <div style="text-align: center; font-weight: bold;">Star Bulk Carriers Corp.</div>
        <div style="text-align: center; font-weight: bold;">c/o Star Bulk Management Inc.</div>
        <div style="text-align: center; font-weight: bold;">40 Agiou Konstantinou Street,</div>
        <div style="text-align: center; font-weight: bold;">15124 Maroussi,</div>
        <div style="text-align: center; font-weight: bold;">Athens, Greece</div>
        <div style="text-align: center;">(Address of principal executive offices)</div>
      </div>
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      </div>
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        <div style="text-align: center;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
        <div><br>
        </div>
        <div style="text-align: center;">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><br>
        </div>
        <div style="text-align: center;">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><br>
        </div>
        <div style="text-align: center;">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-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Attached as Exhibit 99.1 to this Form 6-K is a Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and the unaudited interim condensed consolidated financial
          statements of Star Bulk Carriers Corp. (the &#8220;Company&#8221;) as of September 30, 2023 and for the nine months ended September 30, 2022 and 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Attached as Exhibit 99.2 to this Form 6-K is a copy of the Company&#8217;s press release (the &#8220;Press Release&#8221;) announcing its unaudited financial and operating results for the Company&#8217;s three and nine
          months ended September 30, 2023, which was issued on November 13, 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The information contained in Exhibit 99.1 of this Form 6-K is hereby incorporated by reference into the registrant&#8217;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 style="text-align: center; color: #000000; font-weight: bold;">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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;">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;">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>
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                  <div>general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values;</div>
                </td>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>the strength of world economies;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>the stability of Europe and the Euro;</div>
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                  <div>fluctuations in currencies, interest rates and foreign exchange rates;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>business disruptions due to natural and other disasters or otherwise, such as the impact of the novel coronavirus (&#8220;COVID-19&#8221;) (and new variants that may emerge);</div>
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                  <div>the length and severity of epidemics and pandemics, including COVID-19 and its impact on the demand for seaborne transportation in the dry bulk sector;</div>
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                  <div>changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of new buildings under construction;</div>
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                  <div>the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom;</div>
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                  <div>changes in our expenses, including bunker prices, dry docking, crewing and insurance costs;</div>
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                  <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;</div>
                </td>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;) practices;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets including as set forth under Item 4. Information on the Company&#8212;B. Business Overview&#8212;Our ESG Performance in the Company&#8217;s annual report on Form
                    20-F for the fiscal year ended 2022&#894;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national imposed by regional authorities such as the European Union or individual
                    countries;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>potential cyber-attacks which may disrupt our business operations;</div>
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                  <div>general domestic and international political conditions or events, including &#8220;trade wars,&#8221; the ongoing conflict between Russia and Ukraine, and the conflict between Israel and Hamas;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                  <div>our ability to successfully compete for, enter into and deliver our vessels under time charters or other employment arrangements for our existing vessels after our current charters expire and our ability to earn income in the spot
                    market;</div>
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                <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
                <td style="width: auto; vertical-align: top;">
                  <div>potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public health threats, international hostilities and instability, piracy or acts by terrorists;</div>
                </td>
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          <div><br>
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          <br>
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                <div>the availability of financing and refinancing;</div>
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                <div>the failure of our contract counterparties to meet their obligations;</div>
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              <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
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                <div>our ability to meet requirements for additional capital and financing to <font style="color: #000000;">complete our newbuilding program and</font> grow our business;</div>
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                <div>the impact of our indebtedness and the compliance with the covenants included in our debt agreements;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div>vessel breakdowns and instances of off-hire;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div>potential exposure or loss from investment in derivative instruments;</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">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div>potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management;</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">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div>our ability to complete acquisition transactions as and when planned and upon the expected terms;</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">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div>the impact of port or canal congestion or disruptions; and</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">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div>the risk factors and other factors referred to in the Company&#8217;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 style="text-align: justify; color: #000000;">Consequently, all of the forward-looking statements we make in this document are qualified by the information contained or referred to herein, including, but not limited to, (i) the information
          contained under this heading and (ii) the information disclosed in the Company&#8217;s annual report on Form 20-F for the fiscal year ended 2022, filed with the SEC on March 7, 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
        <div><br>
        </div>
      </div>
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      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">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;">Dated: November 13, 2023</div>
      </div>
      <div><br>
      </div>
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              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="3" style="vertical-align: bottom;">
              <div style="color: #000000; font-weight: bold;">COMPANY NAME</div>
            </td>
            <td style="width: 13.24%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
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            <td style="width: 48.92%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 26.55%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 13.24%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.92%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="color: #000000;">By:</div>
            </td>
            <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">/s/ Simos Spyrou</div>
            </td>
            <td style="width: 13.24%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.92%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 2%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 2%; vertical-align: top;">
              <div style="color: #000000;">Name:</div>
            </td>
            <td style="width: 26.55%; vertical-align: top;">
              <div style="color: #000000;">Simos Spyrou</div>
            </td>
            <td style="width: 13.24%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.92%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 2%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 2%; vertical-align: top;">
              <div style="color: #000000;">Title:</div>
            </td>
            <td style="width: 26.55%; vertical-align: top;">
              <div style="color: #000000;">Co-Chief Financial Officer</div>
            </td>
            <td style="width: 13.24%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>

      </table>
      <div><br>
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      </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="zb3235c863fd542d3a123ebc09e0ae003">

          <tr>
            <td style="width: 5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Exhibit</div>
              <div style="color: #000000; font-weight: bold;">Number</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 86.82%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Description</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.68%; vertical-align: top;">&#160;</td>
            <td style="width: 86.82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;"><a href="ex99-1.htm">99.1</a></div>
            </td>
            <td style="width: 1.68%; vertical-align: top;"><br>
            </td>
            <td style="width: 86.82%; vertical-align: top;">
              <div><a href="ex99-1.htm">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and our unaudited interim condensed consolidated
                  financial statements of the Company as of September 30, 2023 and for the nine months ended September 30, 2022 and 2023.</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;"><a href="ex99-2.htm">99.2</a></div>
            </td>
            <td style="width: 1.68%; vertical-align: top;"><br>
            </td>
            <td style="width: 86.82%; vertical-align: top;">
              <div><a href="ex99-2.htm">Press Release dated November 13, 2023.</a></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <br>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS
<TEXT>
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    <div style="text-align: right; font-weight: bold;">Exhibit 99.1</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; color: #000000; 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;">The following is a discussion of the financial condition and results of operations of Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) for the nine-month periods ended September 30, 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-weight: bold;">Overview</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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-weight: bold;">Our Fleet</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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;">During the nine-month period ended September 30, 2023, we decided to strategically sell certain vessels <font style="color: #000000;">and renew our fleet, taking advantage of the elevated vessel
        market values.</font> In particular, in March 2023, we agreed to sell the vessels <font style="font-style: italic;">Star Borealis</font> and <font style="font-style: italic;">Star Polaris </font>which<font style="font-style: italic;">&#160;</font>were














      delivered to their new owner on May 4, 2023 and on July 7, 2023, respectively. In May 2023, we agreed to sell the vessels <font style="font-style: italic;">Star Centaurus, Star Columba, Star Aquila, Star Hercules </font>and<font style="font-style: italic;"> Star Cepheus.</font>&#160;<font style="font-style: italic;">Star Centaurus, Star Columba </font>and<font style="font-style: italic;"> Star Aquila </font>were delivered to their new owner in July 2023 while <font style="font-style: italic;">Star













        Hercules </font>and<font style="font-style: italic;"> Star Cepheus</font> were delivered to their new owner in August 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In addition, in September 2023, we agreed to sell the vessel <font style="font-style: italic;">Star Zeta, </font>which was delivered to her new owner in October 2023. Also in October and November
      2023, we agreed to sell the vessels <font style="font-style: italic;">Star Athena, Star Glory, Star Theta </font>and<font style="font-style: italic;"> Star Jennifer, </font>which are expected to be delivered to their new owners in November and
      December 2023. The total gross proceeds from the sale of the above five vessels will be $72.5 million with a corresponding gain of $15.6 million expected to be recognized in the fourth quarter of 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Furthermore, as the Company looks towards fleet renewal, in October 2023, we entered into two firm and two optional (exercisable until December 13, 2023) shipbuilding contracts with Qingdao Shipyard
      Co., Ltd. for the construction of four 82,000 dwt Kamsarmax newbuilding vessels. The expected delivery dates for the two firm shipbuilding contracts are November 2025 and June 2026 respectively, whereas delivery dates for the two optional
      shipbuilding contracts are December 2025 and August 2026 respectively. The newbuild vessels meet the latest requirements of Energy Efficiency Design Index (EEDI Phase 3) in relation to carbon intensity (CO2) and comply with the latest NOX
      regulations, NOX TIER III. In addition, these vessels are fitted with the latest available and most fuel-efficient main engine produced by MAN B&amp;W delivering from 2024 along with a shaft generator and Alternate Marine Power optionality, all&#160; of
      which help to ensure best-in-class daily fuel consumptions and emissions reduction. The Company has also the option to equip the vessels with Exhaust Gas Cleaning Systems (&#8220;EGCS&#8221; or &#8220;scrubbers&#8221;) before delivery.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;"><br>
    </div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">1</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 style="text-align: justify; text-indent: 36pt;">The following tables summarize key information about our fully delivered fleet as of November 13, 2023, and adjusted<font style="color: #000000;"> for the completion of the aforementioned sales:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"><u>Operating Fleet:</u></div>
    <div><br>
    </div>
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        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 29.6%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 18.77%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.88%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 12.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">1</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Pearl Shiptrade LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Gargantua</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">209,529</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 2, 2015</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">2</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Ennea LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Gina 2GR</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">209,475</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">February 26,&#160;2016</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">3</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Coral Cape Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Maharaj</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">209,472</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 15, 2015</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">4</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Sea Diamond Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Goliath</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">209,537</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">July 15, 2015</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">5</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Castle&#160;II LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Leo</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,939</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">May 14, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">6</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">ABY Eleven LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Laetitia</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">207,896</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">7</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Domus Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Ariadne</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,812</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 28, 2017</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">8</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Breezer LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Virgo</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">207,810</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">March 1, 2017</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">9</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Seeker LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Libra</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,765</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">June 6, 2016</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">10</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">ABY Nine LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sienna</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">207,721</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">11</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Clearwater Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Marisa</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,709</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 11 2016</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">12</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">ABY Ten LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Karlie</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">207,566</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">13</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Castle&#160;I LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Eleni</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,555</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 3, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">14</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Festive Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Magnanimus</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">207,526</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">March 26, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">15</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">New Era II Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Debbie H</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">206,861</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">May 28, 2019</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">16</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">New Era III Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Ayesha</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">206,852</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">17</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">New Era I Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Katie K</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">206,839</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 16, 2019</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">18</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Cape Ocean Maritime LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Leviathan</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">182,511</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">September&#160;19, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">19</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Cape Horizon Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Peloreus</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">182,496</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;22, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">20</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Nor I LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Claudine</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">181,258</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">21</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor II LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Ophelia</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">180,716</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">22</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Sandra Shipco LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pauline</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">180,274</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">December 29, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">23</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Christine Shipco LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Martha</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">180,274</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 31, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">24</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Pacific Cape Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Pantagruel</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">180,181</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">25</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor III LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lyra</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">179,147</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">26</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Regg V LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Borneo</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">January 26, 2021</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">27</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Regg VI LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bueno</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 26, 2021</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">28</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Regg IV LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Marilena</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">January 26, 2021</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">29</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Regg I LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Marianne</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">178,906</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 14, 2019</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">30</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Regg II LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Janni</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">January 7, 2019</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">31</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident V LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Angie</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">177,931</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 29, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">32</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Sky Cape Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Big Fish</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">177,662</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">33</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Global Cape Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kymopolia</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">176,990</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">34</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Trident XXV LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Triumph</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">176,343</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">December 8, 2017</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">35</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Fourteen LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Scarlett</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">175,649</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">36</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">ABY Fifteen LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Audrey</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">175,125</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">37</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Sea Cape Shipping LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Big Bang</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">174,109</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">38</div>
          </td>
          <td style="width: 29.6%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">ABY I LLC</div>
          </td>
          <td style="width: 18.77%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Paola</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">115,259</div>
          </td>
          <td style="width: 24.34%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12.68%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</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>
    <table cellspacing="0" cellpadding="0" border="0" id="z9160d57e41174ccc9c42197f71cbe7a1" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 26.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.46%; vertical-align: bottom;">&#160;</td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29.36%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">39</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">ABM One LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Eva</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">106,659</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">40</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Nautical Shipping LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Amami</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">41</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Majestic Shipping LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Madredeus</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">42</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Sirius LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sirius</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March&#160;7, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">43</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Vega LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Vega</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">February&#160;13, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">44</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY II LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Aphrodite</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">92,006</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">45</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Augustea Bulk Carrier LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Piera</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">91,951</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">46</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Augustea Bulk Carrier LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Despoina</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">91,945</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">47</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Trident&#160;I LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Kamila</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,769</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">September&#160;3, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2005</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">48</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor IV LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Electra</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">83,494</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">49</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Alta I LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Angelina</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,981</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">December 5, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">50</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Alta II LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Gwyneth</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,790</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 5, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">51</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Nor VI LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Luna</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,687</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">52</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor V LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bianca</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,672</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">53</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Grain Shipping LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Pendulum</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,619</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">54</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIX LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Maria</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,598</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">November 5, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">55</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Trident XII LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Markella</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,594</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">September&#160;29, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">56</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Seven LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Jeanette</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,566</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">57</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Trident IX LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Danai</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,574</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">October 21, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">58</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Sun I LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Elizabeth</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,403</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">May 25, 2021</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">59</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Trident XI LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Georgia</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,298</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">October 14, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">60</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident VIII LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sophia</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,269</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 31, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">61</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Trident XVI LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Mariella</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,266</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">September&#160;19, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">62</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIV LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Moira</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,257</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">November 19, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">63</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Trident X LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Renee</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,221</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">December 18, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">64</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIII LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Laura</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,209</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 8, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">65</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Nor VIII LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Mona</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,188</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">66</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident&#160;II LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Nasia</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,220</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August&#160;29, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">67</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Nor VII LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Astrid</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,158</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">68</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XVII LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Helena</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,187</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 29, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">69</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Trident XVIII LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Nina</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,224</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">January 5, 2015</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">70</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Waterfront Two LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Alessia</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,944</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">71</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Nor IX LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Calypso</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">81,918</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">72</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Elpis LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Suzanna</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,711</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">May 15, 2017</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">73</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Gaia LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Charis</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">81,711</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">March 22, 2017</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">74</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Mineral Shipping LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Mercurial Virgo</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,545</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">75</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Nor X LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Stardust</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">81,502</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">76</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor XI LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sky</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,466</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">77</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Zeus VI LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lambada</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">81,272</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">78</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Zeus I LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Capoeira</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,253</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">79</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Zeus II LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Carioca</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">81,262</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">80</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Zeus VII LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Macarena</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,198</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 6, 2021</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">81</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">ABY III LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lydia</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">81,187</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">82</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY IV LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Nicole</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,120</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">83</div>
          </td>
          <td style="width: 29.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">ABY Three LLC</div>
          </td>
          <td style="width: 26.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Virginia</div>
          </td>
          <td style="width: 10.46%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">81,061</div>
          </td>
          <td style="width: 21.32%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.36%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</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>
    <table cellspacing="0" cellpadding="0" border="0" id="z5dc4cca248084c7798a207a5aa430b76" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 28.2%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 25.56%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.53%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 7.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">84</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor XII LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Genesis</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">80,705</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">85</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Star Nor XIII LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Flame</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">80,448</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">86</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident&#160;III LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Iris</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">76,466</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">September&#160;8, 2014</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">87</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Trident XX LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Emily</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">76,417</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">September&#160;16, 2014</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">88</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Orion Maritime LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Idee Fixe</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,458</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 25, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">89</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000;">Primavera Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Roberta</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">63,426</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">March 31, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">90</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Success Maritime LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Laura</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,399</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 7, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">91</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Ultra Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kaley</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">63,283</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">June 26, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">92</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Blooming Navigation LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kennadi</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,262</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 8, 2016</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">93</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Jasmine Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Mackenzie</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">63,226</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">March 2, 2016</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">94</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Lida I Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Apus</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,123</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 16, 2019</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">95</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Zeus V LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bovarius</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center;">61,602</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">96</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Zeus IV LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Subaru</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center;">61,571</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">97</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Nor XV LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Wave</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">61,491</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">98</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Challenger&#160;I LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Challenger (1)</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,462</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December&#160;12, 2013</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">99</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Challenger&#160;II LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Fighter (1)</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">61,455</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">December&#160;30, 2013</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">100</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Aurelia Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Honey Badger</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,320</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">February 27, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">101</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Axe&#160;II LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lutas</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">61,347</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">January 6, 2016</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">102</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Rainbow Maritime LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Wolverine</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,292</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">February 27, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">103</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Axe I LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Antares</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">61,258</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">October 9, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">104</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Five LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Monica</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">60,935</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">105</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Asia&#160;I LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Aquarius</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">60,916</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">July 22, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">106</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Asia&#160;II LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pisces</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">60,916</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 7, 2015</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">107</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Lida XI Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pyxis</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">56,615</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">August 19, 2019</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">108</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Lida VIII Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Hydrus</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">56,604</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 8, 2019</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">109</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Lida IX Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Cleo</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">56,582</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">110</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident VII LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Diva</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">56,582</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 24, 2017</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">111</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Lida X Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pegasus</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">56,540</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">112</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Lida V Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Dorado</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">56,507</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 16, 2019</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">113</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Regg III LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bright</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">55,569</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">October 10, 2018</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">114</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Glory Supra Shipping LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Strange Attractor</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">55,742</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">115</div>
          </td>
          <td style="width: 28.2%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Star Omicron LLC</div>
          </td>
          <td style="width: 25.56%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Omicron</div>
          </td>
          <td style="width: 12.53%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">53,489</div>
          </td>
          <td style="width: 20.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">April&#160;17, 2008</div>
          </td>
          <td style="width: 7.42%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">2005</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" style="width: 28.2%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 25.56%; vertical-align: bottom;">
            <div style="color: #000000; font-weight: bold;">Total dwt</div>
          </td>
          <td nowrap="nowrap" style="width: 12.53%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="text-align: center; color: #000000; font-weight: bold;">13,038,294</div>
          </td>
          <td nowrap="nowrap" style="width: 20.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 7.42%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="z5da70358dd5346dd96fc0c6167a3e986" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 3%; vertical-align: top;">
              <div style="text-align: justify;">(1)</div>
            </td>
            <td style="width: 93.94%; vertical-align: top;">
              <div style="text-align: justify;">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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</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 style="text-align: justify; margin-left: 18pt; font-weight: bold;"><u>Newbuilding Vessels:</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="ze7970e56ec83439083879c8b60b7e6ca" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: bottom; background-color: rgb(204, 236, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 29.45%; vertical-align: bottom; background-color: #CCECFF;">
            <div style="color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td nowrap="nowrap" style="width: 22.51%; vertical-align: bottom; background-color: #CCECFF;">
            <div style="color: #000000; font-weight: bold;">Drybulk Vessel Type</div>
          </td>
          <td style="width: 10.24%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td nowrap="nowrap" style="width: 22.97%; vertical-align: bottom; background-color: rgb(204, 236, 255); text-align: center;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Shipyard</div>
          </td>
          <td style="width: 11.28%; vertical-align: bottom; background-color: rgb(204, 236, 255); text-align: center;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Expected</div>
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Delivery</div>
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Date</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">1</div>
          </td>
          <td style="width: 29.45%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hull No 15</div>
          </td>
          <td style="width: 22.51%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kamsarmax</div>
          </td>
          <td style="width: 10.24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22.97%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 11.28%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Nov-25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">2</div>
          </td>
          <td style="width: 29.45%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Hull No 16- optional (*)</div>
          </td>
          <td style="width: 22.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kamsarmax</div>
          </td>
          <td style="width: 10.24%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22.97%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 11.28%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">Dec-25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">3</div>
          </td>
          <td style="width: 29.45%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hull No 17</div>
          </td>
          <td style="width: 22.51%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kamsarmax</div>
          </td>
          <td style="width: 10.24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22.97%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 11.28%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Jun-26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; background-color: rgb(204, 236, 255);">
            <div style="color: rgb(0, 0, 0);">4</div>
          </td>
          <td style="width: 29.45%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000;">Hull No 18 - optional (*)</div>
          </td>
          <td style="width: 22.51%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kamsarmax</div>
          </td>
          <td style="width: 10.24%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22.97%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 11.28%; vertical-align: middle; background-color: #CCECFF;">
            <div style="text-align: center; color: #000000;">Aug-26</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.45%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 22.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="text-align: center; color: #000000; font-weight: bold;">328,000</div>
          </td>
          <td nowrap="nowrap" style="width: 22.97%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.28%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 18pt;"><u>(*) options are exercisable until December 13, 2023</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt; font-weight: bold;"><u>Long term Charter In Vessels:</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">In addition, we have entered into the following long-term charter-in arrangements:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zeae8cf6c14564a398e46fc4cb330f9b0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">#</div>
          </td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom;">
            <div style="color: #000000; font-weight: bold;">Name</div>
          </td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Built</div>
          </td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Yard</div>
          </td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Country</div>
          </td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivery / Estimated Delivery</div>
          </td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Minimum Period</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">1</div>
          </td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Star Shibumi</div>
          </td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">180,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2021</div>
          </td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 2021</div>
          </td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 2028</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2</div>
          </td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom;">
            <div style="color: #000000;">NB Kamsarmax # 1</div>
          </td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Tsuneishi</div>
          </td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Q1 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">3</div>
          </td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">NB Kamsarmax # 2</div>
          </td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Tsuneishi</div>
          </td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Q4 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">4</div>
          </td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom;">
            <div style="color: #000000;">NB Kamsarmax # 3</div>
          </td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Q2 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">5</div>
          </td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">NB Kamsarmax # 4</div>
          </td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Q3 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">6</div>
          </td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom;">
            <div style="color: #000000;">NB Ultramax #1</div>
          </td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">66,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Philippines</div>
          </td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Q1 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">7</div>
          </td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">NB Ultramax #2</div>
          </td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">66,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Philippines</div>
          </td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Q4 - 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">7 years</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.78%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.27%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="text-align: center; color: #000000; font-weight: bold;">640,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.23%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.53%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 25.06%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.68%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;">Liquidity and Capital Resources</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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 and grow our fleet, maintain the quality of our dry bulk carriers, 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;">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;">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 September 30, 2023.</font></div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</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 style="text-align: justify; text-indent: 36pt;">On September 22, 2023 and on October 30, 2023 we agreed to repurchase 10 million of our common shares at a price of $18.50 per common share (the &#8220;First Oaktree Share Repurchase&#8221;) and 10 million of
      our common shares at a price of $19.50 per common share (the &#8220;Second Oaktree Share Repurchase&#8221;), respectively from affiliates of Oaktree Capital Management, L.P. (&#8220;Oaktree&#8221;). The First Oaktree Share Repurchase was completed in early October with the
      repurchased shares being withdrawn and cancelled. Closing of the Second Oaktree Share Repurchase is expected to occur on December 1, 2023 after which the 10 million repurchased shares are expected be withdrawn and cancelled.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As of November 10, 2023, we had total cash of 268 million and outstanding borrowings (including bareboat lease financing) of 1,264 million, as adjusted for the proceeds from vessel sales and
      repayment of loans/leases, as further described in Notes 8 and 15 to our unaudited interim condensed consolidated financial statements as of September 30, 2023, included herein. In addition, following a number of interest rates swaps that we have
      entered into, we have converted a total of $331.3 million of such debt from floating to an average fixed rate of 42 bps with average maturity of 1.0 year.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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 fourth quarter of 2024), including funding the operations of our fleet, capital expenditure requirements and any other present financial requirements, including the cost of our newbuilding program as well as 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 November 13, 2023, cumulative gross proceeds under our At-the-Market offering programs were $33.6 million. We may seek additional indebtedness to finance future vessel acquisitions and our newbuilding program in order to maintain our cash
      position or to refinance our existing debt on more favorable terms. In addition we have entered into a committed term sheet with ING Bank N.V., London Branch (&#8220;ING&#8221;) for a senior secured bridge loan facility of $125.0 million and we are in final
      stage of negotiations with National Bank of Greece S.A for a loan facility of up to $156.4 million, under which $70.0 million additional liquidity will be provided and will be used along with the loan amount from ING to fund the total consideration
      for the Second Oaktree Share Repurchase, as described above. Our practice has been to fund the cash portion of the acquisition and construction cost 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 and construction of newer dry bulk carriers and the selective sale of older dry bulk carriers. These acquisitions and
      newbuilding contracts 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, including prevailing interest rates, 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;">While 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, many nations worldwide
      have significantly eased or eliminated protective measures that were enacted at the outset of the outbreak, or during a resurgence, of COVID-19. For example, in December 2022 the Chinese authorities ended the strict zero COVID-19 policy. Following
      the economic reopening, the country&#8217;s seaborne dry bulk imports have experienced a significant increase throughout the first three quarters of the year that provided support to the market. On the other hand, the relaxation of COVID-19 related
      inefficiencies resulted in the increase of effective ship supply at a time when western economies are going through a monetary tightening cycle in order to fight inflation, thereby affecting commodities demand. Concurrently, we are observing an
      accumulation of supportive measures from Chinese authorities that are mostly concentrated on the property sector (e.g. the generous decrease of down-payment ratios for mortgages in key provinces, the decrease of interest rates and the increase of
      banks liquidity) in order to support the country&#8217;s overall economy, a condition that we expect to keep dry bulk imports demand at high levels, while imports from the rest of the world, especially from India and the Middle East, are experiencing a
      rebound.<font style="font-weight: bold;">&#160;</font>However, there continues to be uncertainty relating to whether and how COVID-19 will further evolve. The emergence of new variants and actions taken by governments or governmental agencies in an
      attempt to mitigate the spread of COVID-19 in the future 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> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</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 style="font-weight: bold;">Dividend Policy</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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;">On November 13, 2023, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.22 per share, payable on or about December 18, 2023 to all shareholders of
      record as of December 5, 2023. The ex-dividend date is expected to be December 4, 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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><br>
    </div>
    <div style="font-weight: bold;">Other Recent Developments</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Please refer to Note 15 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for developments that took place after September 30, 2023.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Operating Results</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Factors Affecting Our Results of Operations</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We deploy our vessels on a mix of short to medium time charters or voyage charters, contracts of affreightment or in dry bulk carrier pools, according to our assessment of market conditions. We
      adjust the mix of these charters to take advantage of the relatively stable cash flow and high utilization rates associated with medium to long-term time charters, or to profit from attractive spot charter rates during periods of strong charter
      market conditions, or to maintain employment flexibility that the spot market offers during periods of weak charter market conditions. The following table reflects certain operating data of our fleet, including our ownership days and TCE rates, which
      we believe are important measures for analyzing trends in our results of operations, for the periods indicated:</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">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>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z5dd94ba720d04a1a9922136d9aa2c7d3" class="cfttable">

        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 72%;">
            <div style="color: #000000;">&#160;</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: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" rowspan="1">
            <div style="text-align: center; color: #000000; font-weight: bold;">Nine-month period ended September 30,</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 72%;">
            <div style="color: #000000; font-style: italic;">(TCE rates expressed in U.S. Dollars)</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: bottom; border-bottom: 2px solid rgb(0, 0, 0);" 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: 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: bottom; border-bottom: 2px solid rgb(0, 0, 0);" 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: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Average number of vessels (1)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">128.0</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" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">125.1</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" nowrap="nowrap" style="vertical-align: bottom; width: 72%;">
            <div style="color: #000000;">Number of vessels (2)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">128</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">120</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Average age of operational fleet (in years) (3)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">10.6</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" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">11.7</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" nowrap="nowrap" style="vertical-align: bottom; width: 72%;">
            <div style="color: #000000;">Ownership days (4)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">34,944</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">34,159</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: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Available days (5)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">33,158</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" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">32,867</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" nowrap="nowrap" style="vertical-align: bottom; width: 72%;">
            <div style="color: #000000;">Charter-in days (6)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">717</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">633</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Time Charter Equivalent Rate&#160;(TCE rate) (7)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">27,418</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">15,035</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>
    <div style="font-weight: bold;">____________________</div>
    <table cellspacing="0" cellpadding="0" id="z4529936d0ef644e681fc47431c8a133d" 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>Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the
              number of calendar days in that period.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z3fa69dd1d60842e29bf4886e2ef80073" 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>As of the last day of the periods reported.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z66d5b9d46911489493ae46a42fae770f" 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;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Average age of our operational fleet is calculated as of the end of each period.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z39fcf3e0907b4e62ba561a71b14ce019" 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;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z292a04180d754363b6605b1e40f16484" 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;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management 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 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" id="za501d91547ee40eeac67320f436dee70" 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;">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Charter-in days are the total days that we charter-in vessels not owned by us.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z2b36018347774f0584aa185b90aed295" 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;">(7)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under charter-in arrangements). TCE rate is a measure of the average daily net revenue performance of our
              vessels. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of: voyage revenues (net of voyage expenses, charter-in hire expense, amortization of fair value of above/below market acquired time
              charter agreements, 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 some of 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&#8217;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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</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 style="text-align: justify; text-indent: 36pt;">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" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zd4ba41feb5094bbe9a114371251a0782" class="cfttable">

        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 72%;">
            <div style="color: #000000;">&#160;</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: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" rowspan="1">
            <div style="text-align: center; color: #000000; font-weight: bold;">Nine-month period ended September 30,</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 72%;">&#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: bottom; 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); 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: bottom; 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); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 72%;">
            <div style="color: #000000; font-style: italic;">(In thousands of U.S. Dollars, except as otherwise stated)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; 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" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; 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" nowrap="nowrap" style="vertical-align: bottom; width: 72%;">
            <div style="color: #000000;">Voyage revenues</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">1,142,353</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">685,808</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-style: italic;">Less:</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; 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" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; 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>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 72%;">
            <div style="color: #000000;">Voyage expenses</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(212,095</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" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(186,222</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" nowrap="nowrap" style="vertical-align: bottom; width: 72%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Charter-in hire expenses</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(17,793</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" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(13,926</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: bottom; width: 72%; padding-bottom: 2px;">
            <div style="color: #000000;">Realized gain/(loss) on FFAs/bunker swaps</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(3,325</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;">)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">8,508</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" nowrap="nowrap" style="vertical-align: bottom; width: 72%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;"><font style="color: #000000;">Time charter equivalent revenues (&#8220;</font>TCE Revenues&#8221;)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">909,140</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">494,168</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" nowrap="nowrap" style="vertical-align: bottom; width: 72%; padding-bottom: 2px;">
            <div style="color: #000000;">Available days</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">33,158</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" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">32,867</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" nowrap="nowrap" style="vertical-align: bottom; width: 72%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Daily time charter equivalent rate (&#8220;TCE rate&#8221;)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">27,418</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">15,035</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><br>
    </div>
    <div style="font-weight: bold;">Voyage Revenues</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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;">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-weight: bold;">Voyage Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">
      <div style="text-align: left;">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. Our voyage expenses primarily consist of bunkers cost, port expenses and commissions paid in connection with the chartering of our vessels. 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.</div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Charter-in Hire Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Charter-in hire expenses represent hire expenses for chartering-in third and related party vessels, either under time charters or voyage charters.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Vessel Operating Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the cost of spares and consumable stores,
      tonnage taxes, regulatory fees, vessel scrubbers and BWTS maintenance expenses, lubricants and other miscellaneous expenses. Other factors beyond our control, some of which may affect the shipping industry in general, including for instance,
      developments relating to market prices for crew wages, lubricants and insurance, may also cause these expenses to increase.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">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><br>
    </div>
    <div style="font-weight: bold;">Dry Docking Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Dry docking expenses relate to regularly scheduled intermediate survey or special survey dry docking necessary to preserve the quality of our vessels as well as to comply with international shipping
      standards and environmental laws and regulations. Dry docking expenses can vary according to the age of the vessel and its condition, the location where the dry docking takes place, shipyard availability and the number of days the vessel is under dry
      dock. We utilize the direct expense method, under which we expense all dry docking costs as incurred.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Depreciation</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">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 nine-month period ended September 30, 2023 by $11.9 million or $0.12 per basic and diluted
        share.</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">General and Administrative Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We incur general and administrative expenses, including our onshore personnel related expenses, directors&#8217; and executives&#8217; compensation, share based compensation, legal, consulting, audit and
      accounting expenses.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Management Fees</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Management fees include fees paid to third parties as well as related parties providing certain procurement services to our fleet.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">(Gain) / Loss on Forward Freight Agreements and Bunker Swaps, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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 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 with the change in
      fair value being reflected in earnings. 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>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">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 mainly through reputable exchanges
      such as Intercontinental Exchange (&#8220;ICE&#8221;) so as to limit our counterparty exposure in over-the-counter transactions. Bunker price differentials paid or received under the swap agreements as well as changes in their fair value are recognized under
      (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Impairment loss</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">When indicators of impairment are present for the Company&#8217;s vessels and the undiscounted cash flows estimated to be generated by those vessels are less than their carrying value, the
      carrying value is reduced to its estimated fair value and the difference is recorded under &#8220;Impairment loss&#8221; in the consolidated income statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Other operational gain/(loss)</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Other operational gain/(loss)<font style="font-weight: bold;">&#160;</font>includes gain/loss from all other operating activities which are not related to the principal activities of the Company, such as
      gain/loss from insurance&#160;claims.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Loss on Write-Down of Inventory</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">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-weight: bold;">Interest and Finance Costs</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We incur interest expense and financing costs in connection with our outstanding indebtedness under our existing loan facilities (including sale and leaseback financing transactions). We also incur
      financing costs in connection with establishing those facilities, which are presented as a direct deduction from the carrying amount of the relevant debt liability and amortize them to interest and financing costs over the term of the underlying
      obligation using the effective interest method.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Interest Income</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We earn interest income on our cash deposits with our lenders and other financial institutions.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Gain / (Loss) on Interest Rate Swaps, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Results of Operations</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">The nine-month period ended September 30, 2023 compared to the nine-month period ended September 30, 2022</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Voyage revenues net of Voyage expenses</font>: Voyage revenues for the nine months ended September 30, 2023 decreased to $685.8 million from
      $1,142.4 million in the corresponding period in 2022. Time charter equivalent revenues (&#8220;TCE Revenues&#8221;) (as defined above) were $494.2 million compared to $909.1 million for the corresponding period in 2022.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"></sup> As a result, the TCE rate for
      the nine months ended September 30, 2023 was $15,035 compared to $27,418 for the corresponding period in 2022, which is indicative of the weaker market conditions prevailing during the recent period. 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 style="font-weight: bold; font-style: italic;">Charter-in hire expenses</font>: Charter-in hire expenses for the nine months ended September 30, 2023 and 2022 were $13.9 million and $17.8
      million, respectively. This decrease is mainly attributable to the decrease in charter-in days to 633 in the nine months ended September 30, 2023 from 717 in the corresponding period in 2022 as well as lower charter-in rates prevailing in the market
      following the weaker market conditions discussed above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Vessel operating expenses</font><font style="font-style: italic;">:</font>&#160;For the nine months ended September 30, 2023 and 2022, vessel operating
      expenses were $167.2 million and $176.0 million, respectively. The decrease is mainly due to the decrease in the average number of vessels in our fleet to 125.1 in the nine months ended September 30, 2023 from 128.0 for the respective period of 2022.
      Vessel operating expenses for the nine months ended September 30, 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 $2.1 million and $2.1 million of pre-delivery expenses, due to change of management of certain vessels from third party to in-house. For the nine months ended September 30, 2022, the additional COVID-19 related costs were estimated to be $7.5
      million and the pre-delivery expenses were $3.2 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Dry docking expenses</font>: Dry docking expenses for the nine months ended September 30, 2023 and 2022 were $30.5 million and $29.0 million,
      respectively. During the nine months ended September 30, 2023, 24 vessels completed their periodic dry-docking surveys while during the corresponding period in 2022, 23 vessels completed their periodic dry docking surveys.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Depreciation</font><font style="font-style: italic;">:&#160;</font>Depreciation expense decreased to $104.5 million for the nine-month period ended
      September 30, 2023 compared to $117.0 million for the corresponding period in 2022. The decrease is primarily driven by the change in the estimated scrap rate per light weight ton from $300 to $400 effective January 1, 2023, which resulted in lower
      depreciation expense by $11.9 million, together with the decrease in the average number of vessels in our fleet, discussed above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Impairment loss: </font>During the nine months ended September 30, 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;.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Other operational gain:</font> Other operational gain for the nine months ended September 30, 2023 of $33.8 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 and c) other gains from insurance claims relating to other vessels of $2.9 million in aggregate. Other operational gain for the nine months ended September 30, 2022 of $6.9
      million included a) daily detention compensation for three vessels blocked in Ukraine pursuant to their war risk insurance policy of $4.0 million and b) other gains from insurance claims relating to other vessels of $2.9 million.</div>
    <div><br>
    </div>
    <br>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</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 style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Management fees:</font> Management fees decreased to $12.7 million for the nine-month period ended September 30, 2023 compared to $14.7 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 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 nine-month
      periods ended September 30, 2023 and 2022 were $36.3 million and $44.3 million, respectively. The decrease is mainly attributable to the decrease in stock based compensation expense to $12.7 million for the nine-month period ended September 30, 2023
      compared to $23.4 million for the corresponding period in 2022 partly counterbalanced by the effect of the increase in the Euro/USD exchange rate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">(Gain)/Loss on forward freight agreements and bunker swaps, net</font><font style="font-style: italic;">:</font>&#160;For the nine-month period ended
      September 30, 2023, we incurred a net gain on FFAs and bunker swaps of $6.4 million, consisting of an unrealized loss of $2.1 million and a realized gain of $8.5 million. <font style="color: #000000;">For the nine-month period ended September 30,
        2022, we incurred a net loss on FFAs and bunker swaps of $3.6 million, consisting of an unrealized loss of $0.3 million </font>and a realized loss of $3.3 million<font style="color: #000000;">.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Gain on sale of vessels:</font><font style="font-weight: bold;">&#160;</font>Our results for the nine-month period ended September 30, 2023 include an
      aggregate net gain of $18.8 million which resulted from the completion of the sale of vessels discussed above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Loss on write-down of inventory: </font>Our results for the nine months ended September 30, 2023 include a loss on write-down of inventories of
      $5.6 million compared to a loss of $14.9 million included in our results during the corresponding period in 2022, in connection with 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 style="font-weight: bold; font-style: italic;">Interest and finance costs: </font>Interest and finance costs for the nine-month periods ended September 30, 2023 and 2022 were $49.8 million and
      $37.8 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 as well as the recent refinancing arrangements of older facilities with more favorable terms.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Interest income and other income/(loss</font><font style="font-weight: bold;">)</font><font style="font-style: italic;">:</font>&#160;Interest income
      and other income/(loss) for the nine-month period ended September 30, 2023 amounted to $10.3 million, compared to interest income and other income/(loss), of $0.2 million in the nine-month period ended September 30, 2022. The increase of interest
      income is mainly due to both higher interest rates earned and higher cash balances maintained during the nine-month period ended September 30, 2023 as well as due to lower foreign exchange losses incurred in the nine-month period ended September 30,
      2023, compared to the corresponding period in 2022.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Loss on debt extinguishment</font>:&#160; Loss on debt extinguishment for the nine-month periods ended September 30, 2023 and 2022 was $5.2 million and
      $1.1 million, respectively and was primarily affected by increased write-offs of unamortized debt issuance costs and other expenses incurred in connection with the loan and lease prepayments in 2023 compared to the corresponding period in 2022.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Cash Flows</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Net cash provided by operating activities for the nine months ended September 30, 2023 and 2022 was $247.2 million and $653.6 million, respectively. This decrease was primarily driven by the lower
      charter rates due to the weaker market conditions continuing to prevail 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;">Net cash provided by investing activities for the nine months ended September 30, 2023 was $186.0 million and consisted of $198.1 million in aggregate, of insurance proceeds received in connection
      with <font style="font-style: italic;">Star Pavlina&#8217;s</font> constructive total loss and vessel sale proceeds received, partially offset by payments of $12.7 million, made for vessel modifications and upgrades and the acquisition of other fixed
      assets. Net cash used in investing activities for the nine months ended September 30, 2022 was $16.9 million and consisted mainly of $19.3 million paid in connection with the acquisition of other fixed assets and vessel upgrades counterbalanced by
      $2.4 million of hull and machinery insurance proceeds.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">13</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Net cash used in financing activities for the nine months ended September 30, 2023 and 2022 was $417.2 million and $717.2 million, respectively. The decrease was primarily driven by lower dividend
      payments of $139.6 million in 2023 compared to $545.1 million in the corresponding period in 2022 partly counterbalanced by higher net debt outflows of $260.2 million in the nine months ended September 30, 2023 compared to $166.4 million in the same
      period of 2022.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Significant Accounting Policies and Critical Accounting Estimates</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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 &#8220;Depreciation&#8221;.</div>
  </div>
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  </div>
  <div>
    <div>
      <div>
        <div style="text-align: center; color: #000000; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED<br>
          FINANCIAL STATEMENTS</div>
      </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="zb28f3140ec37404dbfdc098fcfb2ee10">

          <tr>
            <td style="width: 82.57%; vertical-align: bottom;">
              <div style="color: #000000;">Unaudited Consolidated Balance Sheets as of December 31, 2022 and September 30, 2023</div>
              <div>&#160;</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;">
              <div style="color: #000000;">Unaudited Interim Condensed Consolidated Income Statements for the nine-month periods ended September 30, 2022 and 2023</div>
              <div>&#160;</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;">
              <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the nine-month periods ended September 30, 2022 and 2023</div>
              <div>&#160;</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;">
              <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Stockholders&#8217; Equity for the nine-month periods ended September 30, 2022 and 2023</div>
              <div>&#160;</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;">
              <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2022 and 2023</div>
              <div>&#160;</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: top;">
              <div style="color: #000000;">&#160;Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
            <td style="width: 17.43%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">F-7</div>
            </td>
          </tr>

      </table>
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      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Consolidated Balance Sheets<br>
        As of December 31, 2022 and September 30, 2023</div>
      <div style="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><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="ze7b5efe7c11448eabcdda7bdca54b2fa" 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-left: 9pt; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; color: rgb(0, 0, 0); font-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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">September 30, 2023</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
            </tr>
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              <td valign="bottom" colspan="1" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">ASSETS</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">CURRENT ASSETS</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; font-size: 9pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; font-size: 9pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Cash and cash equivalents</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">269,754</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">287,910</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Restricted cash, current (Notes 8 and 13)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">14,569</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">12,385</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Trade accounts receivable, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">84,034</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">67,814</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Inventories (Note 4)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">67,162</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">75,037</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Due from managers</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">84</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">53</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Due from related parties (Note 3)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">324</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">41</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Prepaid expenses and other receivables</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">25,667</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">16,662</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Derivatives, current asset portion (Note 13)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">25,585</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">10,561</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other current assets (Note 14)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">14,913</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">24,993</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Total Current Assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">502,092</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">495,456</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">FIXED ASSETS</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Vessels and other fixed assets, net (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,881,551</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,637,583</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Total Fixed Assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,881,551</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,637,583</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); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">OTHER NON-CURRENT ASSETS</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Long term investment (Note 3)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,676</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,692</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Restricted cash, non-current (Notes 8 and 13)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,021</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,021</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Operating leases, right-of-use assets (Note 6)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">37,618</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">29,704</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Derivatives, non-current asset portion (Note 13)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">8,666</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">4,841</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">TOTAL ASSETS</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">3,433,624</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">3,171,933</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); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">LIABILITIES &amp; SHAREHOLDERS' EQUITY</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">CURRENT LIABILITIES</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Current portion of long-term bank loans (Note 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">166,586</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">164,572</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Lease financing short term (Note 7)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">15,361</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,731</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Accounts payable</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">32,140</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">67,283</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Due to managers</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">6,344</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">8,907</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Due to related parties (Note 3)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,501</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,420</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Accrued liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">33,984</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">27,985</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Share repurchase liability, current (Notes 3 and 9)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">56,475</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Operating lease liabilities, current (Note 6)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">9,955</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">5,517</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Deferred revenue</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">16,684</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">8,730</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Total Current Liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">282,555</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">343,620</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); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">NON-CURRENT LIABILITIES</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Long-term bank loans, net of current portion and unamortized loan issuance costs of $9,013 and $7,051, as of December 31, 2022 and September 30, 2023, respectively (Note 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">927,995</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">846,324</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Lease financing long term, net of unamortized lease issuance costs of $2,681 and $112, as of December 31, 2022 and September 30, 2023, respectively (Note 7)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">175,238</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">15,877</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Share repurchase liability, non-current (Notes 3 and 9)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">128,525</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Operating lease liabilities, non-current (Note 6)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">27,663</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">24,185</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other non-current liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">831</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">836</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">TOTAL LIABILITIES</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,414,282</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,359,367</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); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;"><font style="font-weight: bold;">COMMITMENTS &amp; CONTINGENCIES </font>(Note 12)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">SHAREHOLDERS' EQUITY</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2022 and September 30, 2023, respectively (Note 9)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Common Shares, $0.01 par value, 300,000,000 shares authorized; 102,857,416 shares issued and outstanding as of December 31, 2022; 103,183,510 shares issued and 93,183,510 outstanding (net of
                  treasury shares) as of September 30, 2023 (Note 9)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,029</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,032</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Additional paid in capital</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,646,073</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,645,601</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Treasury shares (nil shares at December 31, 2022 and 10,000,000 shares as of September 30, 2023, respectively) (Notes 3 and 9)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(185,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Accumulated other comprehensive income/(loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">20,962</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">5,362</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Accumulated deficit</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(648,722</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: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(654,429</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: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Total Shareholders' Equity</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,019,342</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,812,566</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; 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; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; 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: 4px double rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">3,171,933</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); font-size: 9pt;">&#160;</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
        <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;">F-2</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><br>
        </div>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Interim Condensed Consolidated Income Statements<br>
        For the nine-month periods ended September 30, 2022 and 2023</div>
      <div><br>
      </div>
      <div style="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>
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              <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
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              <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top; font-size: 9pt; text-align: center;">&#160;<font style="font-weight: bold;">Nine months ended September 30,</font>&#160;&#160;&#160;&#160;</td>
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              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
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                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"> 2022</div>
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                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"> 2023</div>
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              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
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                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Revenues:</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; font-size: 9pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; font-size: 9pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; font-size: 9pt;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Voyage revenues (Note 14)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
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                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,142,353</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
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                <div style="color: rgb(0, 0, 0); font-size: 9pt;">685,808</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); font-size: 9pt;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Expenses/(Income)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Voyage expenses (Notes 3 )</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">212,095</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">186,222</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Charter-in hire expenses</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">17,793</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">13,926</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Vessel operating expenses</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">175,987</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">167,225</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Dry docking expenses</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">29,013</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">30,466</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Depreciation (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">117,024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">104,549</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Management fees (Notes 3)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">14,664</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">12,738</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">General and administrative expenses (Note 3)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">44,279</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">36,320</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Impairment loss (Notes 5 and 13)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">7,700</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); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Loss on write-down of inventory</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">14,901</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">5,565</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other operational loss</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,062</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">609</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other operational gain (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(6,891</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(33,824</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">300</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">3,617</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(6,377</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain on sale of vessels (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(18,833</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Total operating expenses, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">623,544</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">506,586</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); font-size: 9pt;">&#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-size: 9pt; font-weight: bold;">Operating income</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">518,809</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">179,222</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Other Income/ (Expenses):</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Interest and finance costs (Note 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(37,756</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(49,789</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Interest income and other income/(loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">229</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">10,265</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain/(Loss) on interest rate swaps, net (Note 13)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(507</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain/(Loss) on debt extinguishment, net (Note 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,143</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(5,177</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; 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; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(38,670</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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(45,208</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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; 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; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">480,139</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">134,014</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Income taxes</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(44</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(181</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; 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; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">480,095</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">133,833</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); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Equity in income / (loss) of investee (Note 3)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">108</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; 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); font-size: 9pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">16</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Net income</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">480,203</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">133,849</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); font-size: 9pt;">&#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-size: 9pt;">Earnings per share, basic</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#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: rgb(0, 0, 0); font-size: 9pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">3.67</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</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: rgb(0, 0, 0); font-size: 9pt;">1.31</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Earnings per share, diluted</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">3.66</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">1.30</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); font-size: 9pt;">&#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-size: 9pt;">Weighted average number of shares outstanding, basic (Note 10)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">130,715,574</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">102,434,767</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); background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Weighted average number of shares outstanding, diluted&#160; (Note 10)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">131,141,620</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); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">102,825,781</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); font-size: 9pt;">&#160;</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
      </div>
      <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;">F-3</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-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)<br>
        For the nine-month periods ended September 30, 2022 and 2023</div>
      <div><br>
      </div>
      <div style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
      <br>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="zd9bf4b045142464e9b7eb82f9292e964" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top; text-align: center;">&#160;<font style="font-weight: bold;">Nine months ended September 30,</font>&#160;&#160;&#160;&#160; <br>
              </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" rowspan="1" colspan="3" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; color: #000000; font-weight: bold;"> 2022</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;"><br>
              </td>
              <td valign="bottom" rowspan="1" colspan="3" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; color: #000000; font-weight: bold;"> 2023</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">&#160;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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">480,203</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">133,849</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-weight: bold;">&#160;Other comprehensive income / (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%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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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;">4,436</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="4" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000;"> Unrealized gain / (loss) from hedging foreign currency forward contracts recognized in Other comprehensive income/(loss) before reclassifications</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
                <div style="color: #000000;">20</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
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              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: #000000;">&#160;Reclassification adjustments of interest rate swap gain/(loss) (Note 13)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000;">(4,052</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000;">(20,056</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
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            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">&#160;Other comprehensive income / (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">23,582</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-weight: bold;">(15,600</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-weight: bold;">)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">&#160;Total comprehensive income</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">503,785</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">118,249</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>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
      </div>
      <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;">F-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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Interim Condensed Consolidated Statements of Stockholders&#8217; Equity<br>
        For the nine-month periods ended September 30, 2022 and 2023</div>
      <div><br>
      </div>
      <div style="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>
        <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z5731ad8e060247e19b62321c254ff408" 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: 22%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-size: 8pt; font-weight: bold;"> Common Stock</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>
              <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>
              <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: 22%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> # of Shares</div>
              </td>
              <td nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; text-align: right;">&#160;</td>
              <td class="cftguttercell" colspan="1" style="vertical-align: middle; padding-bottom: 2px; width: 1%; text-align: right;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> Par Value</div>
              </td>
              <td nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; text-align: right;">&#160;</td>
              <td class="cftguttercell" colspan="1" style="vertical-align: middle; padding-bottom: 2px; width: 1%; text-align: right;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> Additional Paid-in Capital</div>
              </td>
              <td nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; text-align: right;">&#160;</td>
              <td class="cftguttercell" colspan="1" style="vertical-align: middle; padding-bottom: 2px; width: 1%; text-align: right;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> Accumulated Other Comprehensive income/(loss)</div>
              </td>
              <td nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; text-align: right;">&#160;</td>
              <td class="cftguttercell" colspan="1" style="vertical-align: middle; padding-bottom: 2px; width: 1%; text-align: right;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div><font style="font-size: 8pt; font-weight: bold; color: rgb(0, 0, 0);"> </font> </div>
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Accumulated deficit</div>
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              <td nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; text-align: right;">&#160;</td>
              <td class="cftguttercell" colspan="1" style="vertical-align: middle; padding-bottom: 2px; width: 1%; text-align: right;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> Treasury stock</div>
              </td>
              <td nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 1%; text-align: right;">&#160;</td>
              <td class="cftguttercell" colspan="1" style="vertical-align: middle; padding-bottom: 2px; width: 1%; text-align: right;">&#160;</td>
              <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> Total Shareholders' Equity</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: 22%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;BALANCE, January 1, 2022</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">102,294,758</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; 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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,023</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,618,319</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; 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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">6,933</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">(546,257</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; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,080,018</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>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 22%;">
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              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">480,203</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: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">480,203</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: 22%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">&#160;Other comprehensive income</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">23,582</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: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">23,582</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">
                <div style="color: #000000; font-size: 8pt;">&#160;Issuance of vested and non-vested shares and amortization of share-based compensation</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">528,941</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: 7%;">
                <div style="color: #000000; font-size: 8pt;">5</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: 8%;">
                <div style="color: #000000; font-size: 8pt;">23,383</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: 10%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">23,388</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: 22%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">&#160;Equity offering, 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: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">654,690</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: 7%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">7</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: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">19,340</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: 10%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">19,347</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: 22%;">
                <div style="color: #000000; font-size: 8pt;">&#160;Repurchase and cancellation of common shares</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: 8%;">
                <div style="color: #000000; font-size: 8pt;">(790,011</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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: 7%;">
                <div style="color: #000000; font-size: 8pt;">(8</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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: 8%;">
                <div style="color: #000000; font-size: 8pt;">(20,060</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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: 10%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
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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: 8%;">
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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" 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>
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                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; 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); 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: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; 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); 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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; 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); 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: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt;">(544,907</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);">
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; 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); 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: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt;">(544,907</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);">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 22%; padding-bottom: 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;BALANCE, September 30, 2022</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">102,688,378</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,027</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,640,982</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">30,515</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">(610,961</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,061,563</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: 22%; 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: 8%; 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: 7%; 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: 8%; 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: 10%; 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: 8%; 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: 8%; 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: 8%; 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: 22%; padding-bottom: 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">BALANCE, January 1, 2023</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: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">102,857,416</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,029</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,646,073</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">20,962</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">(648,722</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</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-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">-</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,019,342</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">&#160;Net income</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: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">133,849</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: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">133,849</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: 22%;">
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              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                <div style="color: #000000; font-size: 8pt;">(15,600</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-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: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">(15,600</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">
                <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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">971,372</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: 7%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">9</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: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">12,692</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: 10%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">12,701</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: 22%;">
                <div style="color: #000000; font-size: 8pt;">&#160;Dividends declared ($1.35 per share) (Note 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%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">(139,556</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">(139,556</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">Cancellation of Songa shares</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">(6,706</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-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: 7%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
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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: 8%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" style="vertical-align: top; width: 22%;">
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              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
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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: 7%;">
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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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
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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: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%;">
                <div style="color: #000000; font-size: 8pt;">(114</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-size: 8pt;">)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000; font-size: 8pt;">Repurchase and cancellation of common shares (Notes 3 and 9)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt;">(638,572</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);">
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt;">(6</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);">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt;">(13,050</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);">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; 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); 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: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; 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); 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: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt;">(185,000</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);">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt;">(198,056</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);">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 22%; padding-bottom: 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;BALANCE, September 30, 2023</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: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">103,183,510</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,032</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,645,601</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">5,362</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">(654,429</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">(185,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</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-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,812,566</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
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      <div>
        <div style="text-align: justify; color: #000000;"> <br>
        </div>
        <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
      </div>
      <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;">F-5</font></div>
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      <div><br>
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      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Interim Condensed Consolidated Statements of Cash Flows<br>
        For the nine-month periods ended September 30, 2022 and 2023</div>
      <div><br>
      </div>
      <div style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
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      <div>
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              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td rowspan="1" colspan="7" style="vertical-align: top; text-align: center;"><font style="font-size: 8pt;">&#160; <font style="font-weight: bold;">Nine months ended September 30,</font></font><br>
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            <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" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; 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 colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> 2023</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Cash Flows from Operating Activities:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">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-size: 8pt;">$</div>
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">480,203</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%;">
                <div style="color: #000000; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">133,849</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="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Depreciation (Note 5)</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-size: 8pt;">117,024</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">104,549</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Amortization of debt (loans &amp; leases) issuance costs (Note 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">3,800</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-size: 8pt;">2,801</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="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Amortization of operating lease right-of-use assets (Note 6)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">7,914</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Gain/(Loss) on debt extinguishment, net (Note 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">1,143</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-size: 8pt;">5,177</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="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Impairment loss (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">7,700</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Gain on sale of vessels (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">(18,833</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-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; 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-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">300</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Share-based compensation (Note 11)</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-size: 8pt;">23,388</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-size: 8pt;">12,701</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="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Gain from insurance proceeds relating to vessel total loss (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">(28,163</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; 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-size: 8pt;">14,901</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-size: 8pt;">5,565</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="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" 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-size: 8pt;">292</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-size: 8pt;">2,131</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Other non-cash charges</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">(384</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-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-size: 8pt;">5</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="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Gain on hull and machinery claims</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-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">(200</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Equity in income / (loss) of investee (Note 3)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">(108</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-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-size: 8pt;">(16</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-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Changes in operating assets and liabilities:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">(Increase)/Decrease in:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Trade accounts receivable</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-size: 8pt;">(9,056</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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-size: 8pt;">15,206</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Inventories</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-size: 8pt;">(14,539</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-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-size: 8pt;">(14,601</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-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Prepaid expenses and other receivables</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-size: 8pt;">5,517</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-size: 8pt;">(3,868</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Derivatives asset</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-size: 8pt;">(1,971</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-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-size: 8pt;">1,118</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="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Due from related parties</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-size: 8pt;">(623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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-size: 8pt;">283</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Due from managers</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">8,912</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-size: 8pt;">31</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Increase/(Decrease) in:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Accounts payable</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">16,876</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-size: 8pt;">32,967</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Operating lease liability (Note 6)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">(7,916</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Due to related parties</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">4,112</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-size: 8pt;">(81</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-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Accrued liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">3,421</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-size: 8pt;">(6,055</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Due to managers</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">7,303</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-size: 8pt;">2,563</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000; font-size: 8pt;">Deferred revenue</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000; font-size: 8pt;">(6,649</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-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: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000; font-size: 8pt;">(7,954</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-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Operating Activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">653,562</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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">247,173</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: 38%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Cash Flows from Investing 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;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">&#160;Vessel upgrades and other fixed assets (Note 5)</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-size: 8pt;">(19,269</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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-size: 8pt;">(12,674</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-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Cash proceeds from vessel sales (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">143,078</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="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Cash proceeds from vessel total loss (Note 5)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">55,000</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Hull and machinery insurance proceeds</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">2,393</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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">558</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="2" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Investing Activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000; font-size: 8pt;">(16,876</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-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: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000; font-size: 8pt;">185,962</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: 38%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Cash Flows from Financing Activities:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Proceeds from bank loans and leases (Notes 7 and 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">242,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">142,000</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="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Loan and lease prepayments and repayments (Notes 7 and 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%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">(408,398</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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-size: 8pt;">(402,207</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Financing and debt extinguishment fees paid (Note 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">(5,140</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-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-size: 8pt;">(4,289</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-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Dividends paid (Note 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%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">(545,140</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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-size: 8pt;">(139,556</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Proceeds from issuance of common stock (Note 9)</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-size: 8pt;">19,792</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-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Offering expenses paid</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-size: 8pt;">(293</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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-size: 8pt;">(55</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000; font-size: 8pt;">Repurchase of common shares (Note 9)</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-size: 8pt;">(20,068</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-size: 8pt;">)</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-size: 8pt;">(13,056</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-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Financing Activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000; font-size: 8pt;">(717,247</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000; font-size: 8pt;">(417,163</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            <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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" 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-size: 8pt;">(80,561</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; 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-size: 8pt;">15,972</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="2" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">473,271</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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">286,344</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: 38%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <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" 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-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">392,710</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-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">302,316</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: 38%;">
                <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%;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;"><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%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;&#160;Cash paid during the period for:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Interest</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-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">35,607</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-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">41,935</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">Non-cash investing and financing activities:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Vessel upgrades</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">1,069</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-size: 8pt;">3,422</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="9" style="vertical-align: top; background-color: #CCEEFF;">
                <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" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%;">
                <div style="color: #000000; font-size: 8pt;">Cash and cash equivalents</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">375,609</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-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-size: 8pt;">287,910</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Restricted cash, current (Note 8)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">15,080</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-size: 8pt;">12,385</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="2" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000; font-size: 8pt;">Restricted cash, non-current (Note 8)</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-size: 8pt;">2,021</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-size: 8pt;">2,021</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" colspan="2" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <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" 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-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-size: 8pt; font-weight: bold;">392,710</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-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-size: 8pt; font-weight: bold;">302,316</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;"> <br>
        </div>
        <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
        <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;">F-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><br>
        </div>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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 style="margin-left: 4.5pt;"><font style="font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Basis of Presentation and General Information:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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
          nine-month period ended September 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December&#160;31, 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div style="text-align: justify;">While 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, many nations worldwide have significantly
        eased or eliminated protective measures that were enacted at the outset of the outbreak, or during a resurgence, of COVID-19. For example, in December 2022 the Chinese authorities ended the strict zero COVID-19 policy. Following the economic
        reopening, the country&#8217;s seaborne dry bulk imports have experienced a significant increase throughout the first three quarters of the year that provided support to the market. On the other hand, the relaxation of COVID-19 related inefficiencies
        resulted in the increase of effective ship supply at a time when western economies are going through a monetary tightening cycle in order to fight inflation, thereby affecting commodities demand. Concurrently, the Company is observing an
        accumulation of supportive measures from Chinese authorities, that are mostly concentrated on the property sector (e.g. the generous decrease of down-payment ratios for mortgages in key provinces, the decrease of interest rates and the increase of
        banks liquidity) in order to support the country&#8217;s overall economy, a condition that the Company expects to keep dry bulk imports demand at high levels, while imports from the rest of the world, especially from India and the Middle East, are
        experiencing a rebound. However, there continues to be uncertainty relating to whether and how COVID-19 will further evolve. The emergence of new variants and actions taken by governments or governmental agencies in an attempt to mitigate the
        spread of COVID-19 in the future 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><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;">F-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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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 style="margin-left: 4.5pt;"><font style="font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Basis of Presentation and General Information-continued:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">As of September 30, 2023 and as adjusted for the delivery to the buyers of the vessel agreed to be sold, as further discussed in Note 5 and Note 15, the Company owned a modern fleet of 115 dry bulk
          vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity between 53,489 deadweight tonnage (&#8220;dwt&#8221;) and 209,529 dwt, a combined carrying capacity of 13.0 million dwt and
          an average age of 11.5 years. In addition, in October 2023, the Company entered into two firm and two optional shipbuilding contracts with Qingdao Shipyard Co., Ltd. for the construction of four 82,000 dwt Kamsarmax newbuilding vessels as
          discussed in Note 15.</div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 4.5pt;"><font style="font-weight: bold;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Significant accounting policies and recent accounting pronouncements:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">A summary of the Company&#8217;s significant accounting policies and recent accounting pronouncements is provided in Note 2 to the Company&#8217;s consolidated financial statements included in the 2022 Annual
          Report. Other than the changes described below, there have been no changes to the Company&#8217;s significant accounting policies and recent accounting pronouncements in the nine-month period ended September 30, 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Vessel Depreciation</font>:</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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 nine-month period ended September 30, 2023 by $11,916 or $0.12 per basic and diluted share.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Foreign currency forward contracts:</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">When deemed appropriate from a risk management perspective, the Company enters into financial instruments such as forward contracts, to hedge against the effect of exchange rate fluctuations on cash
          flows denominated in foreign currencies. Foreign currency forward contracts are agreements entered into with a bank to exchange, at a specified future date, currencies of different countries at a specific rate. Foreign currency forward contracts
          are recorded on the Company&#8217;s balance sheet as assets or liabilities and are measured at fair value. The valuation of forward contracts is based on Level 2 observable inputs of the fair value hierarchy, such as forward foreign exchange rate
          curves. The effective portion of the unrealized gains/losses from those contracts that meet the hedge accounting criteria as cash flow hedges, is recorded in Other Comprehensive Income / (Loss). The settlement of these derivatives will result in
          reclassifications (from accumulated other comprehensive income) to earnings in the period during which the hedged transactions affect earnings. The Company may de-designate these cash flow hedge relationships in advance of the occurrence of the
          forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction
          occurs.&#160;The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in earnings. Cash inflows/outflows attributed to foreign currency forward derivative instruments, if any, are reported within cash flows from
          operating activities in the consolidated statements of cash flows.</div>
      </div>
      <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;">F-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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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 style="margin-left: 4.5pt;"><font style="font-weight: bold;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Transactions with Related Parties:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Save for the $185,000 share repurchase transaction presented in the table below and discussed in Note 9, details of the Company&#8217;s transactions with related parties did not change in the nine-month
          period ended September 30, 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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Transactions and balances with related parties are analyzed as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z9815279b3c854233aaaf42f4cd82969a" style="width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%;">
                <div style="color: #000000; font-weight: bold;">Balance Sheets</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; padding-bottom: 2px; width: 66%;">&#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-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>
              <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-weight: bold;">September 30, 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>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 66%;">
                <div style="color: #000000; font-weight: bold;">Long term investment</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: 66%;">
                <div style="color: #000000;">Interchart</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">1,349</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">1,340</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);">
                <div style="color: #000000;">Starocean</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;">202</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;">227</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;">CCL Pool</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;">125</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;">125</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-weight: bold;">Long term investment</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">1,676</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">1,692</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-weight: bold;">Due from related parties</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 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;">Oceanbulk Maritime and its affiliates</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">287</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;">-</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Interchart</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;">3</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: 14%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">3</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: 66%;">
                <div style="color: #000000;">Starocean</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">34</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;">34</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000;">Product Shipping &amp; Trading S.A.</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">-</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: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">4</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%; padding-bottom: 4px;">
                <div style="color: #000000; font-weight: bold;">Due from related parties</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">324</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">41</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>
            </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" style="vertical-align: top; width: 66%;">
                <div style="color: #000000; font-weight: bold;">Due to related parties</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%;">&#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>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Management and Directors Fees</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">114</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">136</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;">Oceanbulk Maritime and its affiliates</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">-</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;">392</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;">Iblea Ship Management Limited</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;">1,387</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;">892</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-weight: bold;">Due to related parties</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">1,501</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">1,420</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%;">&#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-weight: bold;">Share repurchase liability (Note 9)</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);">&#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;">Share repurchase liability, 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;">-</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;">56,475</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: 66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000;">Share repurchase liability, non-current</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;">-</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;">128,525</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: 66%; padding-bottom: 4px;">
                <div style="color: #000000; font-weight: bold;">Share repurchase from Oaktree</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-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">&#160;</td>
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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);">&#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>
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              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <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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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">(3,105</div>
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                <div style="color: #000000;">)</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%;">
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                <div style="color: #000000;">(3,105</div>
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              <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">&#160;General and administrative expenses:</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);">&#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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              <td valign="bottom" style="vertical-align: top; width: 66%;">
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              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">(408</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">(422</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">&#160;Directors 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: 14%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">(136</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</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;">(157</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
              </td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%;">
                <div style="color: #000000;">&#160;Office rent - Combine Marine Ltd. &amp;&#160; Alma Properties</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="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;">(28</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(28</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
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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;">&#160;General and administrative expenses - Oceanbulk Maritime and its affiliates</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-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;">(139</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;">)</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;">(148</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%;">
                <div style="color: #000000; font-weight: bold;">&#160;Management fees:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 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;">&#160;Management fees- Augustea Technoservices Ltd. and affiliates</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">(1,250</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">-</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;">&#160;Management fees- Iblea Ship Management Limited</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;">(2,394</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(2,121</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">&#160;Equity in income/(loss of investee)</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);">&#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;">&#160;Interchart</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">76</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                <div style="color: #000000;">(9</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">&#160;Starocean</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;">32</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;">25</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>

        </table>
        <br style="clear: both;">
      </div>
      <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;">F-9</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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 style="margin-left: 4.5pt;"><font style="font-weight: bold;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Inventories:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The amounts shown in the consolidated balance sheets are analyzed as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z16908af1fb4a4c49aca8e07038e7b969" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 40%;">&#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-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>
              <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-weight: bold;"> September 30, 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>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">&#160;Lubricants</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 20%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">15,863</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 20%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">13,802</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: 40%; padding-bottom: 2px;">
                <div style="color: #000000;">&#160;Bunkers</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 20%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">51,299</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: 20%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">61,235</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: 40%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">&#160;Total</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 20%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">67,162</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 20%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">75,037</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="text-align: center; font-style: italic; font-weight: bold; clear: both;"><br>
      </div>
      <div><font style="font-weight: bold;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Vessels and other fixed assets, net:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The amounts in the consolidated balance sheets are analyzed as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zaa6d010179854881a14b391e1540d6b4" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <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-weight: bold;"> Cost</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; border-bottom: 2px solid rgb(0, 0, 0);">&#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-weight: bold;"> Accumulated depreciation</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; border-bottom: 2px solid rgb(0, 0, 0);">&#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-weight: bold;"> Net Book Value</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: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">&#160;Balance, December 31, 2022</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">3,843,686</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">(962,135</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;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; 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-weight: bold;">2,881,551</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" colspan="1" style="vertical-align: top; width: 64%;">
                <div style="color: #000000;">&#160;- Acquisition of other fixed assets, vessel improvements and other vessel 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: 9%;">
                <div style="color: #000000;">17,488</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;">-</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;">17,488</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: 64%; background-color: #CCEEFF;">
                <div style="color: #000000;">&#160;- Vessel total loss</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">(27,570</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</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;">1,581</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;">(25,989</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%;">
                <div style="color: #000000;">&#160;- Vessel sale</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;">(179,260</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">56,043</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;">(123,217</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                <div style="color: #000000;">&#160;- 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;">
                <div style="color: #000000;">(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;">)</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;">-</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;">(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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px;">
                <div style="color: #000000;">&#160;- Depreciation for the period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 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;">-</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%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">(104,549</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;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">(104,549</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;">)</div>
              </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, September 30, 2023</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-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-weight: bold;">3,646,644</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">(1,009,061</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">2,637,583</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="clear: both;"><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the first quarter of 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 was 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 nine-month period ended September 30, 2023. In addition, in 2023 and up to February 24, 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 2023 unaudited interim condensed consolidated income statement. 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>.&#160; <br>
        </div>
      </div>
      <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;">F-10</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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 style="margin-left: 4.5pt;"><font style="font-weight: bold;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Vessels and other fixed assets, net - continued:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 2023, the Company decided to strategically sell certain vessels and renew its fleet, taking advantage of the elevated vessel market values. In this
          respect, 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> which<font style="font-style: italic;">&#160;</font>were










          delivered to their new owner on May 4, 2023 and July 7, 2023, respectively. By reference to the agreed sale prices of <font style="font-style: italic;">Star Borealis</font> and <font style="font-style: italic;">Star Polaris</font> (Level 2),
          the Company recognized an impairment loss of $7,700 for the nine-month period ended September 30, 2023 (Note 13), which is separately reflected in the unaudited interim condensed consolidated income statement for the corresponding period.&#160; In
          addition, on May 26, 2023, the Company agreed to sell to a third party the vessels&#160;<font style="font-style: italic;">Star Centaurus, Star Columba, Star Aquila, Star Hercules </font>and<font style="font-style: italic;"> Star Cephueus</font> (five
          of the Delphin Vessels). <font style="font-style: italic;">Star Centaurus</font>, <font style="font-style: italic;">Star Columba and Star Aquila </font>were delivered to their new owner in July 2023, while <font style="font-style: italic;">Star










            Hercules and Star Cepheus</font> were delivered to their new owner in August 2023. With respect to the sale of the abovementioned vessels, a net gain of $18.8 million in aggregate was recognized for the nine-month period ended September 30,
          2023 and was separately reflected in the unaudited interim condensed consolidated income statement for the corresponding period.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">On September 27, 2023, the Company agreed to sell to a third party, the vessel <font style="font-style: italic;">Star Zeta</font> with delivery to its new owners upon completion of its
          then-existing employment. Given its employment as of September 30, 2023, the vessel did not meet the criteria to be classified as held for sale as of that date. The vessel was delivered to its new owner in October 2023 (Note 15).</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">As of September 30, 2023, 101 of the Company&#8217;s vessels, having a net carrying value of $2,234,187, 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;2&#160;vessels with a carrying value of $41,607 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 $348,615&#160;are subject to second-priority mortgages and serve as collateral under one of the Company&#8217;s loan facilities (Note 8).</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 2023, 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>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Operating leases:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; font-weight: bold;">a) Time charter-in vessel agreements</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The carrying value of the assets and liabilities recognized on the balance sheet as of December 31, 2022 and September 30, 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 $29,016, respectively and are included under &#8220;Operating lease liabilities current and non-
        current&#8221; in the consolidated balance sheets.&#160;</div>
      <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;">F-11</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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-weight: bold;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Operating leases - continued:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; font-weight: bold;">a) Time charter-in vessel agreements - continued</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The time charter-in hire payments required to be made after September 30, 2023, for these outstanding operating lease liabilities are as follows:</div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 45pt;">
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z042c8ad6c818461f85171343b45ca3d7" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 82%;">
                <div style="color: #000000; font-weight: bold;">Twelve month periods ending</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: #000000; font-weight: bold;">Amount</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2024</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">6,078</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: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2025</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: 15%;">
                <div style="color: #000000;">6,242</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2026</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">6,242</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2027</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: 15%;">
                <div style="color: #000000;">5,900</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2028</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">6,259</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: 82%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2029 and thereafter</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">1,061</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: 82%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total undiscounted lease payments</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">31,782</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" colspan="1" style="vertical-align: top; width: 82%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Discount based on incremental borrowing rate</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">(2,766</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 82%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Present value of lease liability</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">29,016</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="clear: both;"><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">The weighted average remaining lease term of these charter-in vessel arrangements as of September 30, 2023 is&#160;5.15&#160;years. </font>The charter-in hire expenses for these long-term
        charter-in arrangements for the nine-month periods ended September 30, 2022 and 2023, were $8,806 and $8,830, respectively and are included under &#8220;Charter-in hire expenses&#8221; in the unaudited interim condensed consolidated income statements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; font-weight: bold;">b) Office rental arrangements</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><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 September 30, 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 $688, respectively </font>and are included
        under &#8220;Operating lease liabilities current and non- current&#8221; in the consolidated balance sheets<font style="color: #000000;">. </font>The office rental payments required to be made after September 30, 2023, for these outstanding operating lease
        liabilities are as follows:</div>
      <div><br>
      </div>
      <div style="margin-left: 45pt;">
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="za2432b11f08b46febeb2a8c759f516be" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 82%;">
                <div style="color: #000000; font-weight: bold;">Twelve month periods ending</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: #000000; font-weight: bold;">Amount</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2024</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">420</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: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2025</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: 15%;">
                <div style="color: #000000;">266</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2026</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">3</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: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2027</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: 15%;">
                <div style="color: #000000;">-</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2028</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">-</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: 82%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2029 and thereafter</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">-</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: 82%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total undiscounted lease payments</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">689</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" colspan="1" style="vertical-align: top; width: 82%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Discount based on incremental borrowing rate</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">(1</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 82%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Present value of lease liability</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">688</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="clear: both;"><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">The weighted average remaining lease term of these office rental arrangements as of September 30, 2023 is&#160;1.74&#160;years. </font>The lease expenses for these office rental arrangements for
        the nine-month periods ended September 30, 2022 and 2023, were <font style="color: #000000;">$371</font> and $418, respectively and are included under &#8220;General and administrative expenses&#8221; in the unaudited interim condensed consolidated income
        statements.</div>
      <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;">F-12</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div>(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
      <div><br>
      </div>
      <div style="margin-left: 4.5pt;"><font style="font-weight: bold;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Lease financings:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the nine months ended September 30, 2023, the Company prepaid the outstanding lease amounts of i) $12,418 and $12,332,<font style="font-style: italic;">&#160;</font>under the SK Shipholding S.A.
          lease agreements of the vessels <font style="font-style: italic;">Star Pisces </font>and&#160; <font style="font-style: italic;">Star Lutas, </font>respectively, ii) $63,713, in aggregate, under the SPDB Financial Leasing Co. Ltd lease agreements
          of the vessels <font style="font-style: italic;">Mackenzie</font>, <font style="font-style: italic;">Kennadi</font>, <font style="font-style: italic;">Honey Badger</font>, <font style="font-style: italic;">Wolverine</font> and <font style="font-style: italic;">Star Antares</font> and iii) $76,526, in aggregate, under the ICBC Financial Leasing Co., Ltd lease agreements of the vessels <font style="font-style: italic;">Gargantua</font>, <font style="font-style: italic;">Goliath</font>
          and <font style="font-style: italic;">Maharaj</font>. The aforementioned prepayments were made using funds from new loan financings, as described in Note 8 below.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">All of the Company&#8217;s lease financings bear interest at SOFR plus a margin. The corresponding interest expense of the Company&#8217;s bareboat lease financing activities is included within &#8220;Interest and
          finance costs&#8221; in the unaudited interim condensed consolidated income statements (Note 8).</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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 September 30, 2023, the Company was in compliance (Note 8).</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The principal payments required to be made after September 30, 2023, for the Company&#8217;s outstanding finance lease obligations recognized on the balance sheet, as of that date, are as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zfccb51300c2647ff90df4527efc90d9f" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 82%;">
                <div style="color: #000000; font-weight: bold;">Twelve month periods ending</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: #000000; font-weight: bold;">Amount</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2024</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">2,731</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: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2025</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: 15%;">
                <div style="color: #000000;">2,731</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2026</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">2,731</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: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2027</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: 15%;">
                <div style="color: #000000;">2,731</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2028</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">2,731</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: 82%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2029 and thereafter</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">5,065</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: 82%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total bareboat lease minimum payments</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">18,720</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: 82%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Unamortized lease issuance costs</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: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">(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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 82%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total bareboat lease minimum payments, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">18,608</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: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Lease financing short term</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: 15%;">
                <div style="color: #000000;">2,731</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Lease financing long term, net of unamortized lease issuance costs</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">15,877</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="clear: both;"><br>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 4.5pt;"><font style="font-weight: bold;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Long-term bank loans:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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 nine-month period ended September 30, 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <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;">F-13</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div>
        <div style="text-align: justify; color: #000000;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 4.5pt;"><font style="font-weight: bold;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Long-term bank loans - continued:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">In addition to the scheduled repayments during the nine-month period ended September 30, 2023, the Company prepaid an amount of i) $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, ii) $26,207 corresponding to the aggregate
        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 and iii) $6,256 corresponding
          to the outstanding loan amount of the vessel </font><font style="font-style: italic; color: #000000;">Star Columba</font><font style="color: #000000;"> under the Citi $100,000 Facility, in connection with the sales of the aforementioned vessels,
          as discussed in Note 5 above.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">On May 25, 2023, the Company entered into a loan agreement with Skandinaviska Enskilda Banken AB for a loan amount of up to $30,000 (the &#8220;SEB $30,000 Facility&#8221;). The facility amount was
          drawn on May 30, 2023 and was used to replenish the funds used by the Company </font>in May 2023 to prepay the outstanding loan amount under the NTT Facility of the vessel <font style="font-style: italic;">Star Aquarius,</font> of $13,125 and
        the outstanding lease amount of the vessel <font style="font-style: italic;">Star Pisces </font>(Note 7)<font style="color: #000000;">. The SEB $30,000 Facility was drawn in two equal tranches, each repayable in 20 equal consecutive quarterly
          installments of $413 and a balloon payment of $6,750 due in May 2028, along with the last installment. The loan is secured by first priority mortgages on the vessels </font><font style="font-style: italic; color: #000000;">Star Aquarius</font><font style="color: #000000;"> and </font><font style="font-style: italic; color: #000000;">Star Pisces</font><font style="color: #000000;">.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">On July 10, 2023, the Company entered into a loan agreement with Nordea Bank Abp for a loan amount of up to $50,000 (the &#8220;Nordea $50,000 Facility&#8221;). The facility amount was drawn on July 12, 2023 and was used to
        replenish the funds used by the Company to prepay the outstanding loan amount under the DSF $55,000 Facility of the vessels <font style="font-style: italic;">Star Eleni</font> and <font style="font-style: italic;">Star Leo</font>,<font style="font-style: italic;">&#160;</font>of $42,308, in aggregate. The Nordea $50,000 Facility was drawn in two equal tranches, <font style="color: #000000;">each repayable in 20 equal consecutive quarterly installments of $521 and a balloon payment
          of $14,583 due in July 2028, along with the last installment. The loan</font> is secured by first priority mortgages on the vessels <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 style="color: #000000;">On September 20, 2023, the Company entered into a </font>fifth amended and restated agreement relating to an original facility agreement with ING Bank N.V., London Branch (ING) dated
        September 28, 2018 <font style="color: #000000;">(the &#8220;ING $325,600 Facility&#8221;) in order to increase the financing by $15,000 </font>and to include <font style="font-style: italic;">Star Lutas</font> as an additional borrower under the existing
        agreement<font style="color: #000000;">. The additional financing amount was drawn as a separate tranche on September 22, 2023 and was used to refinance the outstanding lease amount </font>of the<font style="color: #000000;"> vessel </font><font style="font-style: italic; color: #000000;">Star Lutas</font><font style="color: #000000;"> (Note 7). The additional tranche drawn is repayable in </font>20&#160;equal consecutive&#160;quarterly&#160;installments of $405 plus a balloon payment of $6,900, due
        in September 2028, <font style="color: #000000;">along with the last installment</font>. After the signing of the fifth amended and restated agreement the <font style="color: #000000;">ING $325,600 Facility</font> is also secured by first
        priority mortgage on the vessel <font style="font-style: italic;">Star Lutas</font>.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">On September 26, 2023, the Company entered into a syndicated loan facility with E.SUN commercial Bank Ltd. as agent for an amount of $140,000 (the &#8220;ESUN $140,000 Facility&#8221;). The facility
          amount of $140,000 was drawn on October 4, 2023. The ESUN $140,000 Facility is repayable in 28 equal consecutive quarterly installments of $3,825 and a balloon payment of $32,900 due in October 2030, along with the last installment. The loan</font>
        is secured by first priority mortgages on the vessels <font style="font-style: italic;">Mackenzie</font>, <font style="font-style: italic;">Kennadi</font>, <font style="font-style: italic;">Honey Badger</font>, <font style="font-style: italic;">Wolverine,










          Star Antares, </font><font style="font-style: italic; color: #000000;">Gargantua</font><font style="color: #000000;">, </font><font style="font-style: italic; color: #000000;">Goliath</font><font style="color: #000000;"> and </font><font style="font-style: italic; color: #000000;">Maharaj, </font><font style="color: #000000;">which were previously under the </font>SPDB Financial Leasing Co. Ltd and ICBC Financial Leasing Co. Ltd lease agreements (Note 7)<font style="color: #000000;">.</font></div>
      <div style="text-align: justify;"><font style="color: #000000;"> </font><br>
      </div>
      <div style="text-align: justify;">The Company&#8217;s credit facilities contain financial covenants and undertakings, a summary of which is included in Note 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;">As of December 31, 2022 and September 30, 2023, the Company was required to maintain minimum liquidity, not legally restricted, of $64,000 and $60,000, respectively, which is included within &#8220;Cash
          and cash equivalents&#8221; in the consolidated balance sheets. In addition, as of December 31, 2022 and September 30, 2023, the Company was required to maintain a minimum liquidity, legally restricted, of $16,590 and $14,406, respectively, and is
          included within &#8220;Restricted cash, current and non-current&#8221; in the consolidated balance sheets.</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;">F-14</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><br>
        </div>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div>
        <div style="text-align: justify; color: #000000;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
      </div>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Long-term bank loans - continued:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">As of September 30, 2023, the Company was in compliance with the applicable financial and other covenants contained in its credit facilities and lease financings as described in Note 7.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The principal payments required to be made after September 30, 2023 for the Company&#8217;s then-outstanding bank loans after giving effect to the refinancing described in Note 15, are as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z6e460fefa05d48b7b9e7eea5c887c8fa" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 82%;">
                <div style="color: #000000; font-weight: bold;">Twelve month periods ending</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: #000000; font-weight: bold;"> Amount</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2024</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">164,572</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2025</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: 15%;">
                <div style="color: #000000;">151,985</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2026</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">266,721</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: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2027</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: 15%;">
                <div style="color: #000000;">219,277</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: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2028</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">148,389</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: 82%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2029 and thereafter</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">67,003</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: 82%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Long-term bank loans</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">1,017,947</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: 82%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Unamortized loan issuance costs</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: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">(7,051</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 82%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Long-term bank loans, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">1,010,896</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: 82%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Current portion of long-term bank loans</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: 15%;">
                <div style="color: #000000;">164,572</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 82%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Long-term bank loans, net of current portion and unamortized loan issuance costs</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: 15%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">846,324</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="clear: both;"><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">As of September 30, 2023, the total unamortized balance of loan issuance costs was $7,687, including an amount of $636 which was included under &#8220;Other non-current assets&#8221; in the accompanying balance
          sheet since it was related to the undrawn loan amount of ESUN $140,000 Facility discussed above.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">As of September 30, 2023, all of the Company&#8217;s bank loans bear interest at SOFR plus a margin. In addition, following a number of interest rate swaps that it has entered into, the Company has
          converted a total of $339,449 of its outstanding debt as of September 30, 2023 from floating benchmark rate to an average fixed rate of 42 bps with average maturity of 1.1 years. The weighted average interest rate (including the margin) related
          to the Company&#8217;s existing bank loans and lease financings (Note 7) for the nine-month periods ended September 30, 2022 and 2023 was 2.99% and 4.89%, respectively.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The amounts of &#8220;Interest and finance costs&#8221; included in the unaudited interim condensed consolidated income statements are analyzed as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z5222cc8047594fd38b90b445b3e19abd" 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;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td rowspan="1" colspan="7" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160; <font style="font-weight: bold;">Nine months ended September 30,</font><br>
              </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-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: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; color: #000000; 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" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Interest on financing agreements</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">37,116</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">65,825</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" 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;">(4,052</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(20,056</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Amortization of debt (loan &amp; lease) issuance costs</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;">3,800</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;">2,801</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Other bank and finance 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;">892</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;">1,219</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Interest and finance costs</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">37,756</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">49,789</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 2023, the Company wrote off an amount of $2,963 of unamortized debt issuance costs and incurred other expenses of $2,214, mainly in connection with the
        loan and lease prepayments discussed above and in Note 7, 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><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;">F-15</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-weight: bold;"><br>
        STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div>
        <div style="text-align: justify; color: #000000;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 4.5pt;"><font style="font-weight: bold;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Preferred and Common Shares and Additional Paid-in Capital:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 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.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">In 2023 and until May 16, 2023 when the new Share Repurchase Program, discussed below was adopted, the Company repurchased 531,223 common shares under the previous authorized share repurchase
          program in open market transactions at an average price of $20.98 per share, for an aggregate consideration of $11,159 including commissions.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify;"><font style="color: #000000;">On May 16, 2023, the Company&#8217;s Board of Directors cancelled the previous share repurchase program under which $8,549 was still outstanding to be repurchased and authorized a new share
            repurchase program of up to an aggregate of $50,000 (together with the previous authorized share repurchase program &#8220;Share Repurchase Program&#8221;). 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 </font>Company.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify;"><font style="color: #000000;">In June 2023, under the Share Repurchase Program, the Company repurchased 107,349 common shares in open market transactions at an average price of $17.65 per share for an aggregate
            consideration of $1,897 including commissions. All the repurchased shares in 2023 under the Share </font>Repurchase Program described above were cancelled and removed from the Company&#8217;s share capital as of September 30, 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify;">On September 21, 2023, the Company agreed to repurchase 10 million of its common shares at a price of $18.50 per common share from affiliates of Oaktree Capital Management, L.P. (&#8220;Oaktree&#8221;). The closing of the
          share repurchase and the settlement of the total consideration of $185,000 occurred on October 10, 2023, concurrently with the withdrawal and cancellation by the Company of the 10 million shares previously held by Oaktree. The shares were removed
          from the Company&#8217;s share capital as of that date. By reference to ASC 480 and given the fact that the Company, as of September 30, 2023, had a binding obligation to buy the 10 million shares, the respective obligation was reflected as a reduction
          to Company&#8217;s equity under &#8220;Treasury stock&#8221; in the consolidated balance sheet as of that date. The resulting obligation of the Company amounting to $185,000 as of September 30, 2023 was settled through the use of loan proceeds received in October
          2023 (Note 15) except for an amount of $45,000 which was settled through the use of existing cash as of September 30, 2023. By reference to i) ASC 470 and ii) the sources of funds through which this obligation was settled, an amount of $128,525
          was presented within non-current liabilities under &#8220;Share repurchase liability, non-current&#8221;<font style="color: #000000;"> and an amount of $56,475 was presented within current liabilities under &#8220;Share repurchase liability, current&#8221; in the
            consolidated balance sheets.</font></div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify;">Pursuant to its dividend policy, during the nine-month period<font style="color: #000000;"> ended September 30, 2023, the Company declared and paid a cash dividend of $139,556 or $1.35 per common share.</font></div>
      </div>
      <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;">F-16</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div>
        <div style="text-align: justify; color: #000000;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 4.5pt;"><font style="font-weight: bold;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Earnings per Share:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The computation of basic earnings per share is based on the weighted average number of common shares&#160;outstanding for the nine-month periods ended September 30, 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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The Company calculates basic and diluted earnings per share as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="zb005b63c18094ef49cc9956da42d6be1" 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;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td rowspan="1" colspan="7" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">Nine months ended September 30,</font> <br>
              </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-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: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; color: #000000; 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" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Income :</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: #000000;">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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: #000000;">480,203</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000;">$</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;">133,849</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%;">&#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-weight: bold;">Basic 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;">&#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;">Weighted average common shares outstanding, basic</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000;">130,715,574</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: 9%; border-bottom: #000000 solid 2px;">
                <div style="color: #000000;">102,434,767</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Basic earnings per share</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">3.67</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">1.31</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" 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-weight: bold;">Effect of dilutive securities:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">Dillutive effect of non vested shares</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;">426,046</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;">391,014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000;">Weighted average common 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: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">131,141,620</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;">102,825,781</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">Diluted earnings per share</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">3.66</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">1.30</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div 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;">F-17</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 4.5pt;"><font style="font-weight: bold;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Equity Incentive Plans:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">On May 16, 2023, the Company&#8217;s Board of Directors adopted the 2023 Equity Incentive Plan (the &#8220;2023 Plan&#8221;) and reserved for issuance 631,500 common shares thereunder. On the same date, all of
          the&#160;631,500&#160;restricted common shares were granted to certain directors, officers and employees of which&#160;411,974&#160;restricted common shares vest in November 2023,&#160;151,026&#160;restricted common shares vest in May 2024 and the remaining&#160;68,500&#160;common
          shares vest in May 2026. The fair value of each share was $18.19, based on the closing price of the Company&#8217;s common shares on the grant date.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The stock-based compensation cost for the nine-month periods ended September 30, 2022 and 2023, which is included under &#8220;General and administrative expenses&#8221; in the unaudited interim condensed
          consolidated income statements, amounted to $23,388 and $12,701, respectively, and include an amount of $6,870 and $3,640, 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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">A summary of the status of the Company&#8217;s non-vested restricted shares as of September 30, 2023 and the movement during the nine-month period ended September 30, 2023 is presented below.</div>
      </div>
      <div><br>
      </div>
      <div>
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z6ae428e567074982a225a3cfb5651690" style="width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 64%;">&#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-weight: bold;">Number of shares</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-weight: bold;">Weighted Average Grant Date Fair Value</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: 64%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">Unvested as at January 1, 2023</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#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;">460,190</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">19.38</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: 64%;">
                <div style="color: #000000;">Granted</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">1,081,500</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: 21%;">
                <div style="color: #000000;">18.62</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: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Vested</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000;">(765,715</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div style="color: #000000;">)</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: 21%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">18.60</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: 64%; padding-bottom: 4px;">
                <div style="color: #000000; font-weight: bold;">Unvested as at September 30, 2023</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-weight: bold;">775,975</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">19.09</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>

        </table>
      </div>
      <div style="clear: both;">
        <div style="text-align: justify; color: #000000;"> <br>
        </div>
        <div style="text-align: justify; color: #000000;">As of September 30, 2023, the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $7,902 and is expected to be recognized over the weighted average
          period of 1.01 year. During the nine-month period ended September 30, 2023, the Company paid $858 for dividends to shareholders of non-vested shares.</div>
      </div>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Commitments and Contingencies:</font></div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-weight: bold;">a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Commitments:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The following tables set forth inflows and outflows related to the Company&#8217;s charter party arrangements and other commitments, as at September 30, 2023.</div>
      </div>
      <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;">F-18</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div>
        <div style="text-align: justify; color: #000000;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 4.5pt;"><font style="font-weight: bold;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Commitments and Contingencies - continued:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;"><u>Charter party arrangements</u>:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="zd8b09e3ba2c64f87a982351d01bcfa80" 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;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="27" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Twelve month periods ending September 30,</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="color: #000000; font-style: italic;">+ inflows/ - outflows</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2026</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2027</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2028</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;">
                <div style="text-align: right; color: #000000; font-weight: bold;">2029 and thereafter</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="color: #000000;">Future, minimum, non-cancellable charter revenues (1)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">32,457</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">32,457</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">-</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">-</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;">$</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;">-</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: 16%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; 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);">&#160;</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);">&#160;</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);">&#160;</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);">&#160;</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);">&#160;</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);">&#160;</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: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; 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-weight: bold;">32,457</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">32,457</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">-</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">-</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-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;">&#160;&#160;____________________</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="zeb874770a3344f39959e8cb90e10d625">

          <tr>
            <td style="width: 27pt; 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 September 30, 2023, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire
                days other than those related to scheduled intermediate 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 September 30, 2023 and ii) the remaining minimum duration of each contract.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;"><u>Other commitments:</u></div>
      <div style="text-align: center; font-style: italic;">&#160;<br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z3de1d2b648d24b90abd293fe7499620a" 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;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="27" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Twelve month periods ending September 30,</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="color: #000000; font-style: italic;">+ inflows/ - outflows</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2026</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2027</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: right; color: #000000; font-weight: bold;"> 2028</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;">
                <div style="text-align: right; color: #000000; font-weight: bold;">2029 and thereafter</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="color: #000000;">Charter-in expense newbuilding vessels (1)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">(212,834</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">(10,513</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">(29,401</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">(30,204</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000;">(30,204</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">$</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;">(30,287</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</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;">$</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;">(82,225</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; padding-bottom: 2px;">
                <div style="color: #000000;">Vessel BWTS and ESD (2)</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;">(9,212</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;">)</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;">(8,562</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;">)</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;">(650</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;">)</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;">-</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;">-</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;">-</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;">-</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: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; 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-weight: bold;">(222,046</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;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">(19,075</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">(30,051</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;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">(30,204</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">(30,204</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;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">(30,287</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">(82,225</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;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">&#160;&#160;____________________</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="z329b1dab6c9b4dfea990da4c5124da1c">

          <tr>
            <td style="width: 27pt; 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><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="z3ccb0d7b38df4d9cb2613b9394f0842a">

          <tr>
            <td style="width: 27pt; 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 September 30, 2023, for vessel upgrades (BWTS and ESD).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-weight: bold;">b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Legal proceedings</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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.<br>
        </div>
      </div>
      <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;">F-19</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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 style="margin-left: 4.5pt;"><font style="font-weight: bold;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Fair value measurements and Hedging:</font></div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Fair value on a recurring basis:</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Interest rate swaps</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 2023, the Company early terminated two of its interest rate swaps with Citibank that were originally scheduled to mature in August 2023 and October
          2023. All of the Company&#8217;s interest rate swaps in place as of September 30, 2023 were designated and qualified as cash flow hedges. The effective portion of the unrealized gains/losses from these swaps is recorded in Other Comprehensive Income /
          (Loss) and no portion of these cash flow hedges was ineffective during the nine-month period ended September 30, 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">A gain of approximately $2,820 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period when realized.</div>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Freight Derivatives and Bunker Swaps</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The results of the Company&#8217;s freight derivatives and bunker swaps for the nine-month periods ended September 30, 2022 and 2023 and the valuation of their open positions as at December 31, 2022 and
          September 30, 2023 are presented in the tables below.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-weight: bold;">Foreign Currency Forward Contracts</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During September 2023, the Company entered into six foreign currency forward contracts with maturities from April 2024 to September 2024, pursuant to which the Company will pay USD and receive AUD
          at an aggregate notional amount of AUD 8,040,000. These contracts were designated and qualified as cash flow hedges. The effective portion of the unrealized gains/(losses) from those contracts is recorded in Other Comprehensive Income / (Loss).
          As of September 30, 2023, the fair value of the derivative contracts was $20 with such amount being reflected within Other Comprehensive Income / (Loss) and a gain of $20 in connection with the foreign currency exchange contracts is expected to
          be reclassified into earnings during the following 12-month period when realized.</div>
      </div>
      <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;">F-20</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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-weight: bold;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Fair value measurements and Hedging - continued:</font></div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Fair value on a recurring basis - continued:</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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>
      <div style="text-align: center; font-style: italic;"><font style="font-weight: bold;"><br>
        </font></div>
      <div>
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              <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 rowspan="1" colspan="7" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;<font style="font-weight: bold;">Nine months ended September 30,</font><br>
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            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;"> 2022</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;">
                <div style="text-align: center; color: #000000; font-weight: bold;"> 2023</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Consolidated Statement of Operations</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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            <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" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">(507</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Gain/(loss) on interest rate swaps, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-weight: bold;">$</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-weight: bold;">-</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-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-weight: bold;">(507</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; margin-left: 9pt;">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: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <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" 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;">4,052</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;">20,056</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: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Gain/(loss) recognized</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-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-weight: bold;">4,052</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-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-weight: bold;">20,056</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000; font-style: italic; font-weight: bold;">Gain/(loss) on forward freight agreements and bunker swaps, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000;">Realized gain/(loss) on forward freight agreements and freight options</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-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;">760</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;">3,355</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;">Realized gain/(loss) on bunker swaps</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">(4,085</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">5,153</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000;">Unrealized gain/(loss) on forward freight agreements and freight options</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-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;">(522</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000;">)</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;">237</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000;">Unrealized gain/(loss) on bunker swaps</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">230</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;">(2,368</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;">)</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" 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-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-weight: bold;">(3,617</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; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="color: #000000; 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-weight: bold;">6,377</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">As of September 30, 2023 Accumulated Other Comprehensive Income/(Loss) consists of i) $5,342 related to the designation of interest rate swaps as cash flow hedges and ii) $20 related to the designation of foreign
        currency forward contracts as cash flow hedges.</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;">F-21</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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-weight: bold;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Fair value measurements and Hedging - continued:</font></div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Fair value on a recurring basis - continued:</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The following table summarizes the valuation of the Company&#8217;s financial instruments as of December 31, 2022 and September 30, 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 European Energy Exchange (&#8220;EEX&#8221;), Intercontinental Exchange (&#8220;ICE&#8221;) 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) and the fair value of the foreign currency forward contracts was determined through Level 2 inputs of the fair value hierarchy
          (such as foreign currency exchange rate forward curves).</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z0af6f1ef9b0c4655ab12e0d7065b96b5" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="15" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2022</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2023</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 19%;">
                <div style="color: #000000; font-weight: bold;"><br>
                </div>
              </td>
              <td valign="bottom" style="vertical-align: top;"><font style="font-weight: bold;">Balance Sheet Location</font> <br>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;">(not designated as cash flow hedges)</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;">
                <div style="text-align: center; color: #000000; font-weight: bold;">(designated as cash flow hedges)</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;">
                <div style="text-align: center; color: #000000; font-weight: bold;">(not designated as cash flow hedges)</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;">
                <div style="text-align: center; color: #000000; font-weight: bold;">(designated as cash flow hedges)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" 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" class="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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">191</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">-</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">-</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: 26%; background-color: #CCEEFF;">
                <div style="color: #000000;">Bunker swaps - current</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: #CCEEFF;">
                <div style="color: #000000;">Derivatives, current asset portion</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#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;">3,688</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;">-</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;">1,318</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;">-</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: 26%; padding-bottom: 2px;">
                <div style="color: #000000;">Forward freight agreements - non-current</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">
                <div style="color: #000000;">Derivatives, non-current asset portion</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">-</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%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">-</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%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">430</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%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">-</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: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">3,879</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">-</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); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">1,748</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">-</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>

        </table>
      </div>
      <div style="text-align: center; font-style: italic;"> <br>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z1e94aaedd533435f9b01cf3e694652f6" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="15" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Significant Other Observable Inputs (Level 2)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2022</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2023</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 19%;">
                <div style="color: #000000; font-weight: bold;"><br>
                </div>
              </td>
              <td valign="bottom" style="vertical-align: top;"><font style="font-weight: bold;">Balance Sheet Location</font> <br>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="text-align: center; color: #000000; font-weight: bold;">(not designated as cash flow hedges)</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;">
                <div style="text-align: center; color: #000000; font-weight: bold;">(designated as cash flow hedges)</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;">
                <div style="text-align: center; color: #000000; font-weight: bold;">(not designated as cash flow hedges)</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;">
                <div style="text-align: center; color: #000000; font-weight: bold;">(designated as cash flow hedges)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; 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" 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" class="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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">1,665</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">20,041</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%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">9,223</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: 26%; background-color: #CCEEFF;">
                <div style="color: #000000;">Foreign exchnage forward contracts - current</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: #CCEEFF;">
                <div style="color: #000000;">Derivatives, current asset portion</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#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;">-</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;">-</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;">-</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;">20</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: 26%; padding-bottom: 2px;">
                <div style="color: #000000;">Interest rate swaps - non-current</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">
                <div style="color: #000000;">Derivatives, non-current asset portion</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">798</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%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">7,868</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%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">-</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%; border-bottom: 2px solid rgb(0, 0, 0);">&#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;">4,411</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: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">2,463</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">27,909</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); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">13,654</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>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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 September 30, 2023 amounted to $2,199 and $457, respectively, and are included within &#8220;Restricted cash, current&#8221; in the consolidated balance sheets (Note 8).</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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 under lease financings (Level 2), bearing interest at variable interest rates, approximates their recorded values as of September 30, 2023, due to the variable interest rate nature thereof.</div>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Fair value on a non-recurring basis:</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">As further disclosed in Note 5, during the nine-month period ended September 30, 2023 the Company recognized an impairment loss of $7,700 relating to the agreed sale of <font style="font-style: italic;">Star Borealis</font> and <font style="font-style: italic;">Star Polaris</font> (Note 5). 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)
          which amounted to $65,400.</div>
      </div>
      <div><br>
      </div>
      <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;">F-22</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><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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 style="margin-left: 4.5pt;"><font style="font-weight: bold;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Voyage revenues:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the nine-month periods ended September 30, 2022 and 2023, as presented in the
          consolidated income statements:</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-style: italic;"><font style="font-weight: bold;"> </font></div>
      <div>
        <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z3ec98421f932448eb041801ea46f2087" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 52%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
              <td rowspan="1" colspan="7" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <font style="font-weight: bold;">Nine months ended September 30,</font> <br>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 52%;">&#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-weight: bold;"> 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>
              <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-weight: bold;"> 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>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 52%;">&#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>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%;">
                <div style="color: #000000;">Time charters</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%;">
                <div style="color: #000000;">672,520</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%;">
                <div style="color: #000000;">353,761</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: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Voyage charters</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">468,825</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: 21%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">329,769</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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                <div style="color: #000000;">1,008</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: 21%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">2,278</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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              <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
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                <div style="color: #000000; font-weight: bold;">$</div>
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                <div style="color: #000000; font-weight: bold;">1,142,353</div>
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                <div style="color: #000000; font-weight: bold;">$</div>
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                <div style="color: #000000; font-weight: bold;">685,808</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; background-color: #CCEEFF;">&#160;</td>
            </tr>

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      <div style="clear: both;"><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">As of December 31, 2022 and September 30, 2023, trade accounts receivable from voyage charter agreements amounted to $24,144 and $13,597, respectively. This decrease was mainly attributable to the
          timing of collections and lower rates prevailing during the nine-month period ended September 30, 2023.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Further, as of September 30, 2023, capitalized contract fulfilment costs which are recorded under &#8220;Other current assets&#8221; marginally increased by $59 compared to December 31, 2022, from $4,366 to
          $4,425. The outstanding balance is mainly affected by the timing of commencement of revenue recognition.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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 nine-month period ended September 30, 2023 as the performance obligations were satisfied in that period. In addition, the Company recorded $1,299&#160;as
          unearned revenue related to voyage charter agreements in progress as of September 30, 2023, which will be recognized in earnings as the performance obligations will be satisfied.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The amount invoiced to charterers in connection with the additional revenue for scrubber-fitted vessels under time-charter contracts was $76,005 and $39,875 for the nine-month periods ended
          September 30, 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>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Demurrage income for the nine-month periods ended September 30, 2022 and 2023 amounted to $28,861 and $9,940, respectively, and is included in Voyage revenues in the unaudited interim condensed
          consolidated income statements.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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 nine-month periods ended September 30, 2022 and 2023 was $899 and&#160;$2,970, respectively, and is included within &#8220;Pool Revenues&#8221; in the table above. Pool revenues also include other minor participation adjustments.</div>
      </div>
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      <!--PROfilePageNumberReset%Num%24%F-%%-->
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      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2023</div>
      <div style="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 style="margin-left: 4.5pt;"><font style="font-weight: bold;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Subsequent Events:</font></div>
      <div><br>
      </div>
    </div>
  </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="z3a5ad6cbd0354f3ba23d5e14d4cd9d5c">

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        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>a)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">On October 4, 2023, the amount of $140,000 was drawn under the ESUN $140,000 Facility, as discussed in Note 8.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 85.41%; vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>b)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">On October 11, 2023, the vessel <font style="font-style: italic;">Star Zeta</font> was delivered to its buyers, as discussed in Note 5.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 85.41%; vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>c)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">In October 2023, the Company issued and sold 678,282 common shares through the effective at-the-market offering programs, at an average price of $19.81 per share, resulting in gross proceeds of $13,434.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 85.41%; vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>d)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">In October 2023, the Company entered into two firm and two optional (exercisable until December 13, 2023) shipbuilding contracts with Qingdao Shipyard Co., Ltd. for the construction of four 82,000 dwt Kamsarmax
            newbuilding vessels. The expected delivery dates for the two firm shipbuilding contracts are November 2025 and June 2026, respectively, whereas delivery dates for the two optional shipbuilding contracts are December 2025 and August 2026,
            respectively. <br>
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      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 85.41%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 85.41%; vertical-align: top;">The Company has also the option to equip the vessels with Exhaust Gas Cleaning Systems (&#8220;EGCS&#8221; or &#8220;scrubbers&#8221;) before delivery.</td>
      </tr>

  </table>
  <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;">

      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>e)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">In October and November 2023, as the Company continues to strategically sell certain vessels and renew its fleet, it has agreed to sell the vessels <font style="font-style: italic;">Star Athena, </font>Star
            Glory, Star Theta and Star Jennifer which are expected to be delivered to their new owners in November and December 2023. The total gross proceeds from the sale of the Star Zeta (Note 5) and the above four vessels are expected to be $72,500
            with a corresponding gain of approximately $15,600, expected to be recognized in the fourth quarter of 2023.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 85.41%; vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>f)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">On October 30, 2023 and in addition to the share repurchase transaction entered in September 2023 as discussed in Note 9, the Company agreed to repurchase 10 million of our common shares at a price of $19.50 per
            common share from affiliates of Oaktree. Closing of the second 10 million share repurchase is expected to occur on December 1, 2023, after which the 10 million shares are expected to be withdrawn and cancelled.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 85.41%; vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>g)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">In October 2023, the Company entered into a committed term-sheet with CTBC Bank Co., Ltd. for a loan facility of up to $50,000 (the &#8220;CTBC $50,000 Facility&#8221;). The facility will be used to refinance the outstanding
            amounts under the existing CTBC Facility and another loan agreement and is expected to be drawn by the end of November 2023. The CTBC $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 two of the Company&#8217;s vessels.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 85.41%; vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
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        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>h)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">On&#160;November 13, 2023 the Company&#8217;s Board of Directors declared a quarterly cash dividend of $0.22&#160;per share payable on or about December 18, 2023 to all shareholders of record as of December 5, 2023. The
            ex-dividend date is expected to be December 4, 2023.</div>
        </td>
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        <td style="width: 6%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 85.41%; vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
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        <td style="width: 2%; vertical-align: top;">
          <div>i)</div>
        </td>
        <td style="width: 85.41%; vertical-align: top;">
          <div style="text-align: justify;">In November 2023, the Company entered into a committed term sheet with ING Bank N.V., London Brunch for a senior secured bridge loan facility of $125,000 (the &#8220;ING $125,000 Bridge Facility&#8221;). The facility will be
            used to fund part of the consideration for the Oaktree share repurchase transaction entered in October 2023, as described above in bullet f). The ING $125,000 Bridge Facility is expected to be drawn mid of December 2023 and will mature one year
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        </td>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99-2.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Cravath, Swaine & Moore LLP
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<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Exhibit 99.2</font><br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;"><img height="83" width="315" src="image0.jpg"></div>
      <div style="text-align: center; font-weight: bold;">STAR BULK CARRIERS CORP. REPORTS NET PROFIT OF $43.7 MILLION</div>
      <div style="text-align: center; font-weight: bold;">FOR THE THIRD QUARTER OF 2023,</div>
      <div style="text-align: center; font-weight: bold;">AND DECLARES QUARTERLY DIVIDEND OF $0.22 PER SHARE</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">ATHENS, GREECE, November 13, 2023</font> &#8211; Star Bulk Carriers Corp. (the &#8220;Company&#8221; or &#8220;Star Bulk&#8221;) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk
        cargoes, today announced its unaudited financial and operating results for the third quarter 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 &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;"><u>Financial Highlights</u></div>
      <div><br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z8bcb4de4893d41aab8452ff8959ba085" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: top;" rowspan="1">
              <div style="color: #000000;">(<font style="font-style: italic;">Expressed in thousands of U.S. dollars, except for daily rates and per share data)</font></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right;" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;" rowspan="1">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right;" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;" rowspan="1">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;" rowspan="1">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;" rowspan="1">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;" rowspan="1">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><br>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third 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="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2022</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-weight: bold;">Nine months ended </div>
              <div style="text-align: right; color: #000000; font-weight: bold;">September 30, 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-weight: bold;">Nine months ended</div>
              <div style="text-align: right; color: #000000; font-weight: bold;"> September 30, 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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">223,087</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">364,136</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">685,808</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">1,142,353</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: 52%;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">43,655</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">109,693</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">133,849</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">480,203</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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">33,141</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">136,257</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">118,709</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">516,340</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: 52%;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">67,103</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">184,475</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">247,173</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">653,562</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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">96,880</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">163,807</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">283,785</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">635,941</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: 52%;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">84,188</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">189,850</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">265,175</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">674,030</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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">Earnings per share 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;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">0.46</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">1.08</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">1.31</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">3.67</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: 52%;">
              <div style="color: #000000;">Earnings per share 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%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">0.45</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">1.07</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">1.30</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">3.66</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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">Adjusted earnings per share basic <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: 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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">0.35</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">1.34</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">1.16</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">3.95</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: 52%;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">0.34</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">1.33</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">1.15</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">3.94</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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">0.22</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">1.20</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">0.97</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">4.50</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: 52%;">
              <div style="color: #000000;">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;">121.5</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;">128.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" 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;">125.1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">162,505</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">266,720</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">494,168</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">909,140</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: 52%;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">15,068</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">24,365</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">15,035</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">27,418</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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">4,914</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">5,107</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">4,895</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">5,036</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: 52%;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">4,851</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">4,769</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">4,772</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">4,730</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: 52%; background-color: #CCEEFF;">
              <div style="color: #000000;">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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">1,024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">950</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;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: #000000;">1,045</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: #000000;">$</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;">1,008</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>
    <br>
    <table cellspacing="0" cellpadding="0" border="0" id="zf60e437474734f58a5bb644a18962d64" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-size: 8pt; font-style: italic;">(1)</div>
          </td>
          <td style="width: 95.39%; vertical-align: top;">
            <div style="text-align: justify; 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>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-size: 8pt; font-style: italic;">(2)</div>
          </td>
          <td style="width: 95.39%; vertical-align: top;">
            <div style="text-align: justify; 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>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-size: 8pt; font-style: italic;">(3)</div>
          </td>
          <td style="width: 95.39%; vertical-align: top;">
            <div style="text-align: justify; 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>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-size: 8pt; font-style: italic;">(4)</div>
          </td>
          <td style="width: 95.39%; vertical-align: top;">
            <div style="text-align: justify; 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>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-size: 8pt; font-style: italic;">(5)</div>
          </td>
          <td style="width: 95.39%; vertical-align: top;">
            <div style="text-align: justify; 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><br>
    </div>
    <div><br>
    </div>
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    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Petros Pappas, Chief Executive Officer of Star Bulk, commented:</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; font-style: italic;">&#8220;During the third quarter, Star Bulk reported Net Income of $43.7 million and TCE of $15,068 / day per vessel, exceeding the fleet-weighted average Baltic indices by 28.6%. Coverage for Q4 is at
          ~65% of our available days at a TCE of ~$17,200 / day per vessel. Our Board of Directors has approved a dividend distribution of $0.22 / share, consistent with our stated capital allocation strategy.</div>
        <font style="font-style: italic;"> </font>
        <div><br>
        </div>
        <div style="text-align: justify; font-style: italic;">The agreements to repurchase in aggregate 20 million Company shares from Oaktree at an average price of $19 per share represent an important milestone for Star Bulk. We believe we have utilized
          a variety of tools to create value and we expect these transactions to be accretive to NAV per share, EPS and DPS:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="z1a65ef32a8df4aa5ba63a3fae60d9738" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 2%; vertical-align: top; font-style: italic;">&#160;</td>
              <td style="width: 2%; vertical-align: top;">
                <div style="text-align: justify; font-style: italic;">&#8211;</div>
              </td>
              <td style="width: 88.54%; vertical-align: top;">
                <div style="text-align: justify; font-style: italic;">We were able to repurchase a large block of shares at a significant discount to our Net Asset Value.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 2%; vertical-align: top; font-style: italic;">&#160;</td>
              <td style="width: 2%; vertical-align: top;">
                <div style="text-align: justify; font-style: italic;">&#8211;</div>
              </td>
              <td style="width: 88.54%; vertical-align: top;">
                <div style="text-align: justify; font-style: italic;">We have funded the above repurchase mostly from vessel sales at attractive historical prices during 2023.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 2%; vertical-align: top; font-style: italic;">&#160;</td>
              <td style="width: 2%; vertical-align: top;">
                <div style="text-align: justify; font-style: italic;">&#8211;</div>
              </td>
              <td style="width: 88.54%; vertical-align: top;">
                <div style="text-align: justify; font-style: italic;">Recently we sold shares through our ATM program at an average price of $19.81/share, locking in a favorable arbitrage.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; font-style: italic;">We have decided to take further steps towards our fleet renewal, having designed with the selected shipyard and subsequently ordering 2 latest generation Eco Kamsarmax vessels with the option to
          order two additional vessels. The vessels are to be built in China to a high specification, fitted with the latest fuel-efficient engine coming into production in 2024, a shaft generator as well as Alternate Marine Power provisions reducing
          vessels&#8217; energy requirements. The above will help to ensure best-in-class fuel consumptions and emissions. On the sales front, we continue to dispose of vessels opportunistically, having agreed to sell five vessels, reducing our average fleet age
          and improving overall fleet efficiency.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-style: italic;">We remain optimistic about the prospects of the dry bulk market due to increasingly favorable supply dynamics, the improving macro sentiment and large global infrastructure investment needs for
          the world&#8217;s green transition. We intend to remain focused on actively managing our scrubber fitted and diverse fleet to take advantage of market opportunities and continue creating value for our shareholders.&#8221;</div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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      </div>
      <div>
        <div><br>
        </div>
        <div style="font-style: italic; font-weight: bold;"><u>Recent Developments</u></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Declaration of Dividend</div>
        <div><br>
        </div>
        <div style="text-align: justify;">On November 13, 2023, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.22 per share, payable on or about December 18, 2023 to all shareholders of record as of
          December 5, 2023. The ex-dividend date is expected to be December 4, 2023.</div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-weight: bold;">At-The-Market Offering Program, Share Repurchase Program</font> &amp; <font style="font-weight: bold;">Shares Outstanding Update</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;">During October 2023, we issued and sold 678,282 common shares under our effective at-the-market offering programs at an average price of $19.81 per share, resulting in gross proceeds of $13.43 million.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">On September 21, 2023 and on October 30, 2023 we agreed to repurchase 10 million of our common shares at a price of $18.50 per common share (the &#8220;First Oaktree Share Repurchase&#8221;) and 10 million of our common shares
          at a price of $19.50 per common share (the &#8220;Second Oaktree Share Repurchase&#8221;), respectively, from affiliates of Oaktree Capital Management, L.P. (&#8220;Oaktree&#8221;). The First Oaktree Share Repurchase was completed in early October, with the repurchased
          shares being withdrawn and cancelled. Closing of the Second Oaktree Share Repurchase is expected to occur on December 1, 2023 after which the 10 million repurchased shares will be withdrawn and cancelled.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">As of the date of this release, we have 93,861,792 shares outstanding or 83,861,792 as adjusted for the closing of the Second Oaktree Share Repurchase and the expected cancellation of the repurchased common shares.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Fleet Update</div>
        <div><br>
        </div>
        <div style="text-align: justify;">In September 2023, we agreed to sell the vessel <font style="font-style: italic;">Star Zeta, </font>which was delivered to her new owner in October 2023<font style="font-style: italic;">.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;">In addition, in October and November 2023 we agreed to sell the vessels <font style="font-style: italic;">Star Athena, Star Glory</font>,&#160; <font style="font-style: italic;">Star Theta</font> and<font style="font-style: italic;"> Star Jennifer. </font>The vessels are expected to be delivered to their new owners in November and December 2023. The total gross proceeds from the sale of the above five vessels will be $72.5 million with a
          corresponding gain of $15.6 million expected to be recognized in the fourth quarter of 2023.</div>
        <br>
        <div>
          <div style="text-align: justify;">Lastly, as we look towards fleet renewal, in October 2023 we entered into two firm and two optional (exercisable until December 13, 2023) shipbuilding contracts with Qingdao Shipyard Co., Ltd. for the
            construction of four 82,000 dwt Kamsarmax newbuilding vessels. The expected delivery dates for the two firm shipbuilding contracts are November 2025 and June 2026 respectively, whereas delivery dates for the two optional shipbuilding contracts
            are December 2025 and August 2026, respectively. The newbuild vessels meet the latest requirements of Energy Efficiency Design Index (EEDI Phase 3) in relation to carbon intensity (CO2) and comply with the latest NOX regulations, NOX TIER III.
            In addition, these vessels are fitted with the latest available and most fuel efficient main engine produced by MAN B&amp;W delivering from 2024 along with a shaft generator and Alternate Marine Power optionality, all of which help to ensure
            best-in-class daily fuel consumptions and emissions reduction. We have also the option to equip the vessels with Exhaust Gas Cleaning Systems (&#8220;EGCS&#8221; or &#8220;scrubbers&#8221;) before delivery.</div>
        </div>
        <br>
        <div style="text-align: justify; font-weight: bold;">Financing</div>
        <div><br>
        </div>
        <div style="text-align: justify;">In September 2023, we entered into a syndicated loan facility with E.SUN commercial Bank Ltd. as Agent for an amount of $140.0 million (the &#8220;ESUN $140.0 million Facility&#8221;). The ESUN $140.0 million Facility was
          drawn in October 2023 and is repayable in 28 equal consecutive quarterly installments of $3.8 million and a balloon payment of $32.9 million due in October 2030, along with the last installment. The loan is secured by first priority mortgages on
          the vessels <font style="font-style: italic;">Mackenzie, Kennadi, Honey Badger, Wolverine, Star Antares, Gargantua, Goliath and Maharaj, </font>the lease financing of which had been prepaid in September 2023.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">In October&#160; 2023, we entered into a committed termsheet with CTBC Bank Co., Ltd. for a loan facility of up to $50.0 million (the &#8220;CTBC $50.0 million Facility&#8221;). The facility will be used to refinance the
          outstanding amounts under other loan agreements and is expected to be drawn by the end of November 2023. The CTBC $50.0 million Facility is expected to be drawn in two tranches and will mature 5 years after the drawdown.</div>
        <br>
        <div style="text-align: justify;">In November 2023, we entered into a committed termsheet with ING Bank N.V., London Branch for a senior secured bridge loan facility of $125.0 million (the &#8220;ING $125.0 million Bridge Facility&#8221;). The facility will be
          used to fund part of the consideration for the Second Oaktree Share Repurchase, as described above. The ING $125.0 million Bridge Facility is expected to be drawn in December 2023 and will mature one year after the drawdown.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">As of the date of this press release we are in final stage of negotiations with National Bank of Greece S.A. for a loan facility of up to $156.4 million (the &#8220;NBG $156.4 million Facility&#8221;). The purpose of the
          facility is to refinance the outstanding amount under the existing $125.0 million loan agreement with NBG and to provide us with additional liquidity of $70.0 million which we expect to use to finance part of the consideration for the Second
          Oaktree Share Repurchase. The NBG $156.4 million Facility is expected to be drawn by December 31, 2023 and will mature three years after the drawdown.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">In addition, following a number of interest rate swaps we have entered into, we have an outstanding total notional amount of $331.3 million under our financing agreements with an average fixed rate of 42 bps and an
          average maturity of 1.0 year. As of September 30, 2023 the Mark-to-Market value of our outstanding interest rate swaps stood at $15.6 million which are all designated as and qualify for hedge accounting.</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify; font-weight: bold;">Change in the Board of Directors</div>
          <div><br>
          </div>
          <div style="text-align: justify;">Pursuant to the previously announced First Oaktree Share Repurchase and the resulting reduction of Oaktree&#8217;s shareholding percentage in the Company, Oaktree has caused one of its designee directors, Mr. Ryan Lee,
            to resign from our Board of Directors. Mr. Lee served on our Board since August 30, 2023 as a Class B director and was a member of the Nomination and Corporate Governance Committee. The size of the Board is reduced to 10 members.</div>
        </div>
        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        </div>
        <div><br>
        </div>
        <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>Vessel Employment Overview</u></div>
        <div><br>
        </div>
        <div style="text-align: justify;">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>
        <div style="font-weight: bold;">Our TCE rate per day per main vessel category was as follows:</div>
        <div><br>
        </div>
        <div>
          <table align="left" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zbd5b27d2ef50488abf800aa5042d7487" style="width: 70%; color: #000000; font-family: Arial; font-size: 10pt; text-align: left;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 66%;">&#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: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">Third 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); font-weight: bold; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-weight: bold; width: 1%;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">Nine months ended September 30, 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>
              </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: bottom;">&#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: bottom;">&#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>Capesize / Newcastlemax Vessels:</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
                  <div>17,007</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
                  <div>18,110</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: 66%;">
                  <div>Post Panamax / Kamsarmax / Panamax 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%;">
                  <div>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                  <div>14,862</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%;">
                  <div>14,046</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);">
                  <div>Ultramax / Supramax Vessels:</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
                  <div>13,082</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 14%; background-color: rgb(204, 238, 255);">
                  <div>13,266</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>

          </table>
        </div>
      </div>
      <br style="clear: both;">
      <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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; 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 96,139,203 and 102,541,314 weighted average diluted shares for the third quarter of 2023 and 2022, respectively.</div>
        <div><br>
        </div>
        <div style="font-weight: bold;"><u>Third Quarter 2023 and 2022 Results</u></div>
        <div><br>
        </div>
        <div style="text-align: justify;">For the third quarter of 2023, we had a net income of $43.7 million, or $0.45 earnings per share, compared to a net income for the third quarter of 2022 of $109.7 million, or $1.07 earnings per share. Adjusted net
          income, which excludes certain non-cash items, was $33.1 million, or $0.34 earnings per share, for the third quarter of 2023, compared to an adjusted net income of $136.3 million for the third quarter of 2022, or $1.33 earnings per share.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Net cash provided by operating activities for the third quarter of 2023 was $68.5 million, compared to $184.5 million for the third quarter of 2022. Adjusted EBITDA, which excludes certain non-cash items, was $84.2
          million for the third quarter of 2023, compared to $189.9 million for the third quarter of 2022.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Voyage revenues for the third quarter of 2023 decreased to $223.1 million from $364.1 million in the third 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 $162.5 million for the third quarter of 2023, compared to $266.7 million for the third quarter of 2022. TCE rate for the third quarter of 2023 was $15,068 per day compared to $24,365 per day for
          the third quarter of 2022 which is indicative of the weaker market conditions continuing to prevail during the recent quarter.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">For the third quarters of 2023 and 2022, vessel operating expenses were $54.9 million and $60.1 million, respectively. The decrease is mainly due to the decrease in the average number of vessels in our fleet to
          121.5 in the third quarter of 2023 from 128.0 for the corresponding quarter of 2022. Vessel operating expenses for the third quarter of 2023 included additional $0.7 million pre-delivery expenses, due to change of management of certain vessels
          from third party to in-house. Vessel operating expenses for the third quarter of 2022 included additional crew expenses related to the increased number and cost of crew changes performed during the period as a result of COVID-19 related
          restrictions estimated to be $1.9 million and pre-delivery expenses due to change of management of $2.1 million.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Drydocking expenses for the third quarters of 2023 and 2022 were $11.6 million and $9.8 million, respectively. During both periods eight vessels completed their periodic dry docking surveys.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">General and administrative expenses for the third quarters of 2023 and 2022 were $13.6 million and $18.4 million, respectively. The stock based compensation expense for the third quarter of 2023 decreased to $6.3
          million compared to $11.9 million for the corresponding quarter in 2022. Vessel management fees for the third quarter of 2023 decreased to $4.3 million from $4.9 million for the third quarter 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 third quarters of
          2023 and 2022 were $1,024 and $950, respectively.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Depreciation expense decreased to $34.5 million for the third quarter of 2023 compared to $39.6 million for the corresponding period in 2022. The decrease is primarily driven by the change in the estimated scrap
          rate per light weight ton from $300 to $400 effective January 1, 2023, which resulted in lower depreciation expense by $3.9 million in the third quarter of 2023, together with the decrease in the average number of vessels in our fleet.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Our results for the third quarters of 2023 and 2022 include a loss on write-down of inventories of $0.8 million and $14.9 million, respectively, in connection with 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;">Our results for the third quarter of 2023 include an aggregate net gain of $18.9 million which resulted from the completion of the sale of vessels <font style="font-style: italic;">Star Polaris, Star Centaurus,
            Star Columba, Star Aquila, Star Cepheus and Star Hercules</font>.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Interest and finance costs for the third quarters of 2023 and 2022 were $18.1 million and $13.4 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 as well as the recent refinacings of older facilities with more favorable terms. Interest income and
          other income/(loss) for the third quarters of 2023 and 2022 amounted to $3.7 million and $0.2 million, respectively. The increase of interest income is attributable to both higher interest rates earned and higher cash balances maintained during
          the third quarter of 2023 compared to the corresponding period in 2022 as well as due to lower foreign exchange losses recognized in the current period compared to the corresponding period in 2022.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Loss on debt extinguishment for the third quarters of 2023 and 2022 were $4.3 million and $1.3 million, respectively and was primarily affected by increased write-offs of unamortized debt issuance costs and other
          expenses incurred in connection with the loan and lease prepayments in 2023 compared to the corresponding period in 2022.</div>
        <br>
        <br>
        <hr align="left" noshade="noshade" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
        <div style="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="font-size: 8pt;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <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>
      <div>
        <div><br>
        </div>
        <div style="font-weight: bold;"><u>Unaudited Consolidated Income Statements</u></div>
        <div><br>
        </div>
      </div>
      <div> </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="zf326cba4c9514de5aff042b2f92c01c8" style="font-family: Arial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

            <tr>
              <td colspan="1" style="vertical-align: top; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: #000000; font-weight: bold;">Third quarter </div>
                <div style="text-align: right; color: #000000; font-weight: bold;">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: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: #000000; font-weight: bold;">Third quarter </div>
                <div style="text-align: right; color: #000000; font-weight: bold;">2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: #000000; font-weight: bold;">Nine months ended September 30, 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: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; color: #000000; font-weight: bold;">Nine months ended September 30, 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: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="color: #000000; font-weight: bold;">Revenues:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#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: bottom;">&#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: bottom;">&#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: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000;">Voyage revenues</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">223,087</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">364,136</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">685,808</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000;">1,142,353</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: bottom; width: 52%; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">Total 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);">&#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-weight: bold;">223,087</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-weight: bold;">364,136</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-weight: bold;">685,808</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-weight: bold;">1,142,353</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: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000; font-weight: bold;">Expenses:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Voyage expenses</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;">(57,587</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;">)</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;">(92,310</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;">)</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;">(186,222</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;">)</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;">(212,095</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">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;">(4,231</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(4,843</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(13,926</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(17,793</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Vessel operating expenses</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;">(54,922</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;">)</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;">(60,140</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;">)</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;">(167,225</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;">)</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;">(175,987</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">Dry docking 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;">(11,605</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(9,844</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(30,466</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(29,013</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Depreciation</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;">(34,474</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;">)</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;">(39,555</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;">)</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;">(104,549</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;">)</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;">(117,024</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">Management fees</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">(4,278</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(4,864</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(12,738</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(14,664</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">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;">-</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;">-</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;">(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;">)</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;">-</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: bottom; width: 52%;">
                <div style="color: #000000;">General and administrative expenses</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">(13,645</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(18,367</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(36,320</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(44,279</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Gain/(Loss) on forward freight agreements and bunker swaps, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; 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;">2,170</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;">322</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;">6,377</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;">(3,617</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">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;">-</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;">-</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;">(7,700</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">-</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: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Other operational 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;">(283</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;">)</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;">(288</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;">)</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;">(609</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;">)</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;">(1,062</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">Other operational gain</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;">148</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;">4,788</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;">33,824</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;">6,891</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: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Gainon sale of vessels</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;">18,867</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;">-</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;">18,833</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;">-</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: bottom; width: 52%;">
                <div style="color: #000000;">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: 9%;">
                <div style="color: #000000;">(822</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(14,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(5,565</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(14,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; 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: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
                <div style="color: #000000; 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: 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-weight: bold;">62,425</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-weight: bold;">124,134</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-weight: bold;">179,222</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-weight: bold;">518,809</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: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">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: 9%;">
                <div style="color: #000000;">(18,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(13,448</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(49,789</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(37,756</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Interest income and other income/(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;">3,672</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;">168</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;">10,265</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;">229</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: bottom; width: 52%;">
                <div style="color: #000000;">Gain/(Loss) on interest rate swaps, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">-</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;">-</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;">(507</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">-</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: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Gain/(Loss) on debt extinguishment, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; 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); 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;">(4,289</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;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; 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); 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;">(1,272</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;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">(5,177</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); background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">(1,143</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); background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
                <div style="color: #000000; 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: 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-weight: bold;">(18,675</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-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: 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-weight: bold;">(14,552</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-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: 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-weight: bold;">(45,208</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; 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: 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-weight: bold;">(38,670</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-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#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: 9%; 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: 9%; 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: 9%; 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: bottom; width: 52%; padding-bottom: 4px;">
                <div style="color: #000000; 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: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">43,750</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">109,582</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);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">134,014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">480,139</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);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">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: 9%;">
                <div style="color: #000000;">(78</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(7</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(181</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">(44</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#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: 9%; 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: 9%; 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: 9%; 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: bottom; width: 52%; padding-bottom: 2px;">
                <div style="color: #000000; 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: 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-weight: bold;">43,672</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-weight: bold;">109,575</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-weight: bold;">133,833</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-weight: bold;">480,095</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: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">Equity in income/(loss) of investee</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">(17</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">)</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;">118</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;">16</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;">108</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: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#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: 9%; 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: 9%; 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: 9%; 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: bottom; width: 52%; padding-bottom: 4px;">
                <div style="color: #000000; 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: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">43,655</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">109,693</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);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">133,849</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="color: #000000; font-weight: bold;">480,203</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);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="color: #000000;">Earnings per share, basic</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%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">0.46</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">1.08</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">1.31</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000;">3.67</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: bottom; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Earnings per share, diluted</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">0.45</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">$</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;">1.07</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;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">1.30</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">$</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;">3.66</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: bottom; width: 52%;">
                <div style="color: #000000;">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: 9%;">
                <div style="color: #000000;">95,664,267</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" 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;">101,945,181</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;">102,434,767</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;">130,715,574</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: 52%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Weighted average number of shares outstanding, diluted</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;">96,139,203</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;">102,541,314</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;">102,825,781</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;">131,141,620</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>

        </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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="font-weight: bold;"><u>Unaudited Consolidated Condensed Balance Sheet Data</u></div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z63ed83f8855140f0b3f3523f788495a6" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 68%;"><font style="font-style: italic;">(Expressed in thousands of U.S. dollars) </font><br>
                </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: bottom; width: 68%;" rowspan="1">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;" rowspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 68%;">
                  <div style="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: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">September 30, 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: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; 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: bottom; width: 68%; background-color: rgb(204, 238, 255);">
                  <div>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>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                  <div>300,295</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>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: bottom; width: 68%; padding-bottom: 2px;">
                  <div>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: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>195,161</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: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>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: bottom; width: 68%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">
                  <div style="font-weight: bold;">TOTAL 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: 4px;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-weight: bold;">495,456</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: 4px double 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: 4px;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-weight: bold;">502,092</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: 4px double rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 68%;">&#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: 10%;">&#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: 10%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 68%; background-color: rgb(204, 238, 255);">
                  <div>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: 10%; background-color: rgb(204, 238, 255);">
                  <div>2,637,583</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                  <div>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: bottom; width: 68%;">
                  <div>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: 10%;">
                  <div>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: 10%;">
                  <div>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: bottom; width: 68%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                  <div>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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>36,873</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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>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: bottom; width: 68%; padding-bottom: 4px;">
                  <div style="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="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-weight: bold;">3,171,933</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="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="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: bottom; width: 68%; 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: 10%; 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: 10%; 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: bottom; width: 68%;">
                  <div>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>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                  <div>167,303</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                  <div>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: bottom; width: 68%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                  <div>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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>176,317</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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>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: bottom; width: 68%; padding-bottom: 4px;">
                  <div style="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: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-weight: bold;">343,620</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: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="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: bottom; width: 68%; 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: 10%; 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: 10%; 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: bottom; width: 68%;">
                  <div>Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of $7,163 and $11,694, respectively)</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: 10%;">
                  <div>846,324</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: 10%;">
                  <div>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: bottom; width: 68%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                  <div>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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>169,423</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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>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: bottom; width: 68%; padding-bottom: 4px;">
                  <div style="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="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-weight: bold;">1,359,367</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="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="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: bottom; width: 68%; 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: 10%; 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: 10%; 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: bottom; width: 68%;">
                  <div style="font-weight: bold;">SHAREHOLDERS&#8217; 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: 10%;">
                  <div>1,812,566</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: 10%;">
                  <div>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: bottom; width: 68%; 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: 10%; 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: 10%; 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: bottom; width: 68%; padding-bottom: 4px;">
                  <div style="font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS&#8217; 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="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-weight: bold;">3,171,933</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="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="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>

          </table>
        </div>
        <br>
        <div>
          <div><br>
          </div>
          <div style="font-weight: bold;"><u>Unaudited Consolidated Condensed Cash Flow Data</u></div>
          <div><br>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z944e65430cd64974a8037b57130e72eb" style="font-family: Arial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

              <tr>
                <td colspan="1" style="vertical-align: top; padding-bottom: 2px; width: 68%;">
                  <div style="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; width: 1%;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">Nine months ended September 30, 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: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">Nine months ended September 30, 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" colspan="1" style="vertical-align: top; width: 68%;">&#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" colspan="1" style="vertical-align: top; width: 68%; background-color: rgb(204, 238, 255);">
                  <div style="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: 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="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                  <div style="font-weight: bold;">247,173</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div style="font-weight: bold;">$</div>
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                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                  <div style="font-weight: bold;">653,562</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; padding-left: 9pt; width: 68%;">&#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: 10%;">&#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: 10%;">&#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: 68%; background-color: rgb(204, 238, 255);">
                  <div>Acquisition of other fixed assets</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>(123</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>)</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>(261</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 68%;">
                  <div>Capital expenditures for vessel modifications/upgrades and other equipment</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: 10%;">
                  <div>(12,550</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                  <div>(19,008</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 68%; background-color: rgb(204, 238, 255);">
                  <div>Cash proceeds from vessel sales and total 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: 10%; background-color: rgb(204, 238, 255);">
                  <div>198,078</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>-</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; padding-left: 9pt; width: 68%; padding-bottom: 2px;">
                  <div>Hull and machinery insurance proceeds</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: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>558</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: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>2,393</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" colspan="1" style="vertical-align: top; width: 68%; background-color: rgb(204, 238, 255);">
                  <div style="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%; 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: 10%; background-color: rgb(204, 238, 255);">
                  <div style="font-weight: bold;">185,963</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: 10%; background-color: rgb(204, 238, 255);">
                  <div style="font-weight: bold;">(16,876</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="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 68%;">&#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: 10%;">&#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: 10%;">&#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: 68%; background-color: rgb(204, 238, 255);">
                  <div>Proceeds from vessels&#8217; new 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: 10%; background-color: rgb(204, 238, 255);">
                  <div>142,000</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>242,000</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; padding-left: 9pt; width: 68%;">
                  <div>Scheduled vessels&#8217; debt repayment</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: 10%;">
                  <div>(131,087</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                  <div>(151,696</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 68%; background-color: rgb(204, 238, 255);">
                  <div>Debt prepayment</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>(271,120</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>)</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>(256,702</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 68%;">
                  <div>Financing and debt extinguishment fees paid</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: 10%;">
                  <div>(4,289</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                  <div>(5,140</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 68%; background-color: rgb(204, 238, 255);">
                  <div>Offering expenses</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>(55</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>)</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>(293</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 68%;">
                  <div>Proceeds from issuance of common stock</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: 10%;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                  <div>19,792</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; padding-left: 9pt; width: 68%; background-color: rgb(204, 238, 255);">
                  <div>Repurchase of common shares</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>(13,056</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>)</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: 10%; background-color: rgb(204, 238, 255);">
                  <div>(20,068</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 68%; padding-bottom: 2px;">
                  <div>Dividends 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: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>(139,556</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>)</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: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>(545,140</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>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; width: 68%; background-color: rgb(204, 238, 255);">
                  <div style="font-weight: bold;">Net cash provided by / (used in) financing activities</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; 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: 10%; background-color: rgb(204, 238, 255);">
                  <div style="font-weight: bold;">(417,163</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="font-weight: bold;">)</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: 10%; background-color: rgb(204, 238, 255);">
                  <div style="font-weight: bold;">(717,247</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="font-weight: bold;">)</div>
                </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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
        </div>
        <div>
          <div><br>
          </div>
          <div style="font-weight: bold;"><u>Summary of Selected Data</u></div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" class="cfttable" id="zfd27ff851f784c7296c39c6ea37e8dbf" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                <tr>
                  <td valign="bottom" 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: right; font-weight: bold;">Third 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: bottom; border-bottom: #000000 solid 2px;">
                    <div style="text-align: right; font-weight: bold;">Third quarter 2022</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                    <div style="text-align: right; font-weight: bold;">Nine months ended September 30, 2023</div>
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                  <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: right; font-weight: bold;">Nine months ended September 30, 2022</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                    <div>Average number of vessels (1)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>121.5</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>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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-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>125.1</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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-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>128.0</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                    <div>Number of vessels (2)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>120</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>128</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>120</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>128</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                    <div>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: 9%; background-color: #CCEEFF;">
                    <div>11.7</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>10.6</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>11.7</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>10.6</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" style="vertical-align: bottom; width: 52%;">
                    <div>Ownership days (4)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>11,177</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>11,776</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>34,159</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>34,944</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                    <div>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: 9%; background-color: #CCEEFF;">
                    <div>10,785</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>10,947</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>32,867</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>33,158</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                    <div>Charter-in days (6)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>204</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>212</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>633</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>717</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: 52%; background-color: #CCEEFF;">
                    <div>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>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>15,068</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>24,365</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>15,035</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>27,418</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                    <div>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>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>4,914</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>5,107</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>4,895</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>5,036</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: 52%; background-color: #CCEEFF;">
                    <div>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>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>4,851</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>4,769</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>4,772</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div>4,730</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                    <div>Daily Net Cash G&amp;A expenses per vessel&#160; (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>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>1,024</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>950</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>1,045</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div>$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div>1,008</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-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>
          <font style="font-size: 8pt;"> </font>
          <div style="text-align: justify; font-size: 8pt; font-style: italic;">(2) As of the last day of the periods reported.</div>
          <font style="font-size: 8pt;"> </font>
          <div style="text-align: justify; font-size: 8pt; font-style: italic;">(3) Average age of our operational fleet is calculated as of the end of each period.</div>
          <font style="font-size: 8pt;"> </font>
          <div style="text-align: justify; 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>
          <font style="font-size: 8pt;"> </font>
          <div style="text-align: justify; 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>
          <font style="font-size: 8pt;"> </font>
          <div style="text-align: justify; font-size: 8pt; font-style: italic;">(6) Charter-in days are the total days that we charter-in vessels, not owned by us.</div>
          <font style="font-size: 8pt;"> </font>
          <div style="text-align: justify; font-size: 8pt; font-style: italic;">(7) Time charter equivalent rate<font style="color: rgb(0, 0, 0);">&#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: rgb(0, 0, 0);">&#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&#8217;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>
          <font style="font-size: 8pt;"> </font>
          <div style="text-align: justify; 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 the abovementioned 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. Vessel operating expenses for the nine
            month period ended September 30, 2023 and 2022 included additional crew expenses related to the increased number of crew changes performed during the period as a result of COVID-19 restrictions imposed in 2020 estimated to be $2.1 million and
            $7.5 million, respectively. In addition vessel operating expenses for the nine month period ended September 30, 2023 and 2022&#160; included pre-delivery expenses due to change of management of $2.1 million and $3.2 million, respectively.</div>
          <font style="font-size: 8pt;"> </font>
          <div style="text-align: justify; 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>
        <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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
        </div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="font-weight: bold;"><u>EXHIBIT I: Non-GAAP Financial Measures</u></div>
        <div><br>
        </div>
        <div style="font-weight: bold;"><u>EBITDA and Adjusted EBITDA Reconciliation</u></div>
        <div><br>
        </div>
        <div style="text-align: justify;">We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position 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;">To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels or vessel total loss, share based compensation expense, impairment loss, loss from bad debt, change
          in fair value of forward freight agreements and bunker swaps, 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;">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;">The following table reconciles net cash provided by operating activities to EBITDA and Adjusted EBITDA:</div>
        <div><br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="zb900aa76feb9453393925a0bb7b52875" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td style="vertical-align: top; font-style: italic; padding-bottom: 2px;">
                <div style="font-size: 8pt;">(Expressed in thousands of U.S. dollars)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold; font-size: 8pt;">Third 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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold; font-size: 8pt;">Third 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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold; font-size: 8pt;">Nine months ended September 30, 2023</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold; font-size: 8pt;">Nine months ended September 30, 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" rowspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">67,103</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">184,475</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">247,173</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">653,562</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Net decrease / (increase) in current assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">11,742</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(13,520</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">1,831</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">11,760</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">Net increase / (decrease) in operating 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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(8,239</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">6,830</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(21,445</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(24,679</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Impairment loss</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(7,700</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(4,289</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(1,272</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(5,177</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(1,143</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Share &#8211; based compensation</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(6,341</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(11,908</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(12,701</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(23,388</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">Amortization of debt (loans &amp; leases) issuance costs</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(811</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(1,159</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(2,801</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(3,800</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="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%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">934</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">585</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(2,131</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(292</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">Total other expenses, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">18,675</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">14,552</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">45,208</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">38,670</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="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%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">28,163</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(300</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Income tax</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">78</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">7</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">181</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">44</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">Gain on sale of vessels</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">18,867</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">18,833</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Gain from Hull &amp; Machinery claim</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">200</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(822</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(14,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(5,565</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(14,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
                <div style="font-size: 8pt;">Equity in income/(loss) of investee</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 8pt;">(17</div>
              </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="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 8pt;">118</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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 8pt;">16</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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 8pt;">108</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); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">96,880</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">163,807</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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">283,785</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">635,941</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); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">Equity in (income)/loss of investee</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">17</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(118</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(16</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(108</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="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%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(934</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(585</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">2,131</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">292</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(Gain) on sale of vessels</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(18,867</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(18,833</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Loss on write-down of inventory</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">822</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">14,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">5,565</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">14,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(28,163</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Share-based compensation</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">6,341</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">11,908</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">12,701</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">23,388</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">300</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Impairment loss</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">7,700</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; font-size: 8pt;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="font-size: 8pt;">Other non-cash charges</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 8pt;">(71</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="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 8pt;">(63</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="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 8pt;">5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; 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); font-size: 8pt; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-size: 8pt;">(384</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="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px;">
                <div style="font-weight: bold; font-size: 8pt;">Adjusted EBITDA</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="font-weight: bold; font-size: 8pt;">84,188</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="font-weight: bold; font-size: 8pt;">189,850</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); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="font-weight: bold; font-size: 8pt;">265,175</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 8pt;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="font-weight: bold; font-size: 8pt;">674,030</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); font-size: 8pt;">&#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="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="text-align: justify; 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;">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 period to period, 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>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z53603727a0224a789f35e5ba2110cd7c" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div style="font-style: italic; font-size: 8pt;">(Expressed in thousands of U.S. dollars except for share and per share data)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold; font-size: 8pt;">Third 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: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold; font-size: 8pt;">Third quarter 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold; font-size: 8pt;">Nine months ended September 30, 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: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold; font-size: 8pt;">Nine months ended September 30, 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: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">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="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">43,655</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">109,693</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">133,849</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">480,203</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="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="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">300</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-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: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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="font-size: 8pt;">6,341</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">11,908</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">12,701</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">23,388</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="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="font-size: 8pt;">(71</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(63</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">(384</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">Unrealized (gain) / loss on forward freight agreements and bunker swaps, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(934</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(585</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">2,131</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">292</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">Unrealized (gain) / loss on interest rate swaps, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">507</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(Gain) on sale of vessels</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(18,867</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(18,833</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="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="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">7,700</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(28,163</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-size: 8pt;">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: 9%;">
                <div style="font-size: 8pt;">822</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">14,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">5,565</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">14,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">2,178</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">521</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">2,963</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">(1,952</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
                <div style="font-size: 8pt;">Equity in (income)/loss of investee</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="font-size: 8pt;">17</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: 9%; border-bottom: #000000 solid 2px;">
                <div style="font-size: 8pt;">(118</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div style="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: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="font-size: 8pt;">(16</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div style="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: #000000 solid 2px;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="font-size: 8pt;">(108</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div style="font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">Adjusted Net income</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">33,141</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">136,257</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="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">118,709</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">516,340</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: bottom; width: 52%;">
                <div style="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%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">95,664,267</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">101,945,181</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">102,434,767</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-size: 8pt;">130,715,574</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="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%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">96,139,203</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">102,541,314</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">102,825,781</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-size: 8pt;">131,141,620</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                <div style="font-weight: bold; font-size: 8pt;">Adjusted Basic Earnings Per Share</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-weight: bold; font-size: 8pt;">0.35</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-weight: bold; font-size: 8pt;">1.34</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-weight: bold; font-size: 8pt;">1.16</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-weight: bold; font-size: 8pt;">3.95</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: 52%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">Adjusted 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="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">0.34</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">1.33</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">1.15</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="font-weight: bold; font-size: 8pt;">3.94</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> <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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="font-weight: bold;"><u>Voyage Revenues to Daily Time Charter Equivalent (&#8220;TCE&#8221;) Reconciliation</u></div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z32fedf4e0a0d4e40af917ab04443487d" class="cfttable">

              <tr>
                <td style="vertical-align: top; padding-bottom: 2px;">
                  <div style="font-style: italic; font-size: 8pt;">(In thousands of U.S. Dollars, except for TCE rates)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="2">
                  <div style="text-align: right; font-weight: bold;">Third quarter </div>
                  <div style="text-align: right; font-weight: bold;">2023</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="2">
                  <div style="text-align: right; font-weight: bold;">Third quarter </div>
                  <div style="text-align: right; font-weight: bold;">2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: right; font-weight: bold; font-size: 8pt;">Nine months ended September 30, 2023</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: right; font-weight: bold; font-size: 8pt;">Nine months ended September 30, 2022</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">Voyage revenues</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">223,087</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">364,136</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">685,808</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">1,142,353</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; font-style: italic;">
                  <div style="font-size: 8pt;">Less:</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">Voyage expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">(57,587</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">(92,310</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">(186,222</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">(212,095</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                  <div style="font-size: 8pt;">Charter-in hire expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">(4,231</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">(4,843</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">(13,926</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" 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="font-size: 8pt;">)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                  <div style="font-size: 8pt;">Realized gain/(loss) on FFAs/bunker swaps, net</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; 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="font-size: 8pt;">1,236</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; 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); font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; 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="font-size: 8pt;">(263</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="font-size: 8pt;">)</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; 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="font-size: 8pt;">8,508</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; 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); font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt; 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="font-size: 8pt;">(3,325</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="font-size: 8pt;">)</div>
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              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px;">
                  <div style="font-weight: bold; font-size: 8pt;">Time Charter equivalent revenues</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 8pt;" 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="font-weight: bold; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold; font-size: 8pt;">162,505</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold; font-size: 8pt;">$</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="font-weight: bold; font-size: 8pt;">266,720</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 8pt;" 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="font-weight: bold; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold; font-size: 8pt;">494,168</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold; font-size: 8pt;">$</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="font-weight: bold; font-size: 8pt;">909,140</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); font-size: 8pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
                  <div style="font-size: 8pt;">Available days</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; 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="font-size: 8pt;">10,785</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; 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="font-size: 8pt;">10,947</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; 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="font-size: 8pt;">32,867</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; 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="font-size: 8pt;">33,158</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold; font-size: 8pt;">Daily Time Charter Equivalent Rate ("TCE")</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-weight: bold; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold; font-size: 8pt;">15,068</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold; font-size: 8pt;">$</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="font-weight: bold; font-size: 8pt;">24,365</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-weight: bold; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold; font-size: 8pt;">15,035</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold; font-size: 8pt;">$</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="font-weight: bold; font-size: 8pt;">27,418</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;"><u>Daily Net Cash G&amp;A expenses per vessel Reconciliation</u></div>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb203bbcc21284ffab15cff27b959c975" class="cfttable">

              <tr>
                <td style="vertical-align: top; padding-bottom: 2px;">
                  <div style="font-style: italic; font-size: 8pt;">(In thousands of U.S. Dollars, except for daily rates)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="2">
                  <div style="text-align: right; font-weight: bold;">Third quarter </div>
                  <div style="text-align: right; font-weight: bold;">2023</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="2">
                  <div style="text-align: right; font-weight: bold;">Third quarter </div>
                  <div style="text-align: right; font-weight: bold;">2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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                  <div style="text-align: right; font-weight: bold; font-size: 8pt;">Nine months ended September 30, 2023</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                  <div style="text-align: right; font-weight: bold; font-size: 8pt;">Nine months ended September 30, 2022</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">General and administrative expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">13,645</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">18,367</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">36,320</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">44,279</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                  <div style="font-style: italic; font-size: 8pt;">Plus:</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">Management fees</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">4,278</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">4,864</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">12,738</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">14,664</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%;">
                  <div style="font-style: italic; font-size: 8pt;">Less:</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">Share &#8211; based compensation</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">(6,341</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">(11,908</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">(12,701</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">(23,388</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
                  <div style="font-size: 8pt;">Other non-cash charges</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; 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="font-size: 8pt;">71</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; 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="font-size: 8pt;">63</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; 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="font-size: 8pt;">(5</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="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt; 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="font-size: 8pt;">384</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold; font-size: 8pt;">Net Cash G&amp;A expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-weight: bold; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold; font-size: 8pt;">11,653</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold; font-size: 8pt;">$</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="font-weight: bold; font-size: 8pt;">11,386</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); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-weight: bold; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold; font-size: 8pt;">36,352</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold; font-size: 8pt;">$</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="font-weight: bold; font-size: 8pt;">35,939</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); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; font-size: 8pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-size: 8pt;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">Ownership days</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">11,177</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">11,776</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-size: 8pt;">34,159</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftcurrcell">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" 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="font-size: 8pt;">204</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" 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="font-size: 8pt;">212</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 8pt;" 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: 8pt;" 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="font-size: 8pt;">633</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="font-size: 8pt;">717</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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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="font-weight: bold; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold; font-size: 8pt;">1,024</div>
                </td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold; font-size: 8pt;">$</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="font-weight: bold; font-size: 8pt;">950</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); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;" 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="font-weight: bold; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold; font-size: 8pt;">1,045</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 8pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold; font-size: 8pt;">$</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="font-weight: bold; font-size: 8pt;">1,008</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); font-size: 8pt;" colspan="1" class="cftfncell">&#160;</td>
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        <div><br>
        </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="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-weight: bold;">C<font style="font-size: 9pt;">onference Call details:</font></div>
          <div style="text-align: justify; font-size: 9pt;">Our management team will host a conference call to discuss our financial results on Tuesday, November 14, 2023 at 11:00 a.m., Eastern Time (ET).</div>
          <div style="font-size: 9pt;"><br>
          </div>
          <div style="text-align: justify; font-size: 9pt;">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 13740275. Click here for additional participant International Toll-Free access numbers.</div>
          <div style="font-size: 9pt;"><br>
          </div>
          <div style="text-align: justify; font-size: 9pt;">Alternatively, participants can register for the call using the &#8220;call me&#8221; 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 &#8220;call me&#8221; option.</div>
          <div style="font-size: 9pt;"><br>
          </div>
          <div style="text-align: justify; font-size: 9pt; font-weight: bold;">Slides and audio webcast:</div>
          <div>
            <div style="text-align: justify;"><font style="font-size: 9pt; color: rgb(0, 0, 0);">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><font style="font-size: 9pt;"><u>www.starbulk.com</u><font style="color: rgb(0, 0, 0);"> 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></font></div>
            <div style="font-size: 9pt;"><br>
            </div>
          </div>
          <div style="text-align: justify; font-size: 9pt; font-weight: bold;">About Star Bulk</div>
          <div style="text-align: justify; font-size: 9pt;">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 November 13, 2023 and as adjusted for the delivery of a) the five agreed to be sold<font style="font-style: italic;">&#160;</font>vessels<font style="font-style: italic;">&#160;</font>to their new owner as discussed above and b) the two firm Kamsarmax vessels currently under construction, Star Bulk operates a fleet of 117 vessels, with an aggregate capacity of 13.2 million dwt, consisting of 17
            Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 19 Ultramax and 9 Supramax vessels with carrying capacities between 53,489 dwt and 209,529 dwt.</div>
          <div style="font-size: 9pt;"><br>
          </div>
          <div style="text-align: justify; font-size: 9pt;">In addition, 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.</div>
          <div style="font-size: 9pt;"><br>
          </div>
          <div style="text-align: justify; font-size: 9pt; font-weight: bold;">Forward-Looking Statements</div>
          <div style="text-align: justify; font-size: 9pt;">Matters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking
            statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying
            assumptions and other statements, which are other than statements of historical facts.</div>
          <div style="text-align: justify; font-size: 9pt;"> <br>
          </div>
          <div style="text-align: justify; font-size: 9pt;">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 style="text-align: justify; font-size: 9pt;"> <br>
          </div>
          <div style="text-align: justify; font-size: 9pt;">The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by
            our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to
            significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.</div>
          <div style="text-align: justify; font-size: 9pt;"> <br>
          </div>
          <div style="text-align: justify; font-size: 9pt;">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: rgb(0, 0, 0);">in currencies,
              interest rates and foreign exchange rates</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, 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 level 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;, the ongoing conflict between Russia and Ukraine and the conflict between Israel and Hamas; 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 style="font-size: 9pt;">
            <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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
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            <br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zc7940270fb7943e6a8580f89a41c6761" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify; font-weight: bold;">Contacts</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">&#160;</td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify; font-weight: bold;">Company:</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Simos Spyrou, Christos Begleris</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify; font-weight: bold;">Investor Relations / Financial Media:</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Co &#8208; Chief Financial Officers</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Nicolas Bornozis</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Star Bulk Carriers Corp.</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">President</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">c/o Star Bulk Management Inc.</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Capital Link, Inc.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">40 Ag. Konstantinou Av.</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">230 Park Avenue, Suite 1536</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Maroussi 15124</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">New York, NY 10169</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Athens, Greece</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Tel. (212) 661&#8208;7566</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">Email: info@starbulk.com</div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;">E&#8208;mail: <u>starbulk@capitallink.com</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;"><u>www.starbulk.com</u></div>
                </td>
                <td style="width: 50%; vertical-align: top; font-size: 9pt;">
                  <div style="text-align: justify;"><u>www.capitallink.com</u></div>
                </td>
              </tr>

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MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
9** "BBB@ HHHH **** "BBB@ HHHH __V0$!

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