<SEC-DOCUMENT>0000950157-25-000280.txt : 20250327
<SEC-HEADER>0000950157-25-000280.hdr.sgml : 20250327
<ACCEPTANCE-DATETIME>20250327162427
ACCESSION NUMBER:		0000950157-25-000280
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250327
FILED AS OF DATE:		20250327
DATE AS OF CHANGE:		20250327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Star Bulk Carriers Corp.
		CENTRAL INDEX KEY:			0001386716
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		25779707

	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;"> <br>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000;"></div>
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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>
    </div>
    <div> <br>
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    <div>
      <div style="text-align: center;">For the month of March 2025</div>
      <div style="text-align: center;">Commission File Number: 001-33869</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center;">
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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>
    </div>
    <div style="text-align: center;"> <br>
    </div>
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      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000;"></div>
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    <div>
      <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>
    <div>
      <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&#8209;F.</div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> Form 40-F &#9744;</div>
    </div>
    <div><br>
    </div>
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      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    <div>
      <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;">As previously announced, on December 11, 2023, Star Bulk Carriers Corp., a Republic of the Marshall Islands corporation (&#8220;Star Bulk&#8221; or the &#8220;Company&#8221;), Star Infinity Corp., a Republic of the Marshall
        Islands corporation and wholly-owned subsidiary of Star Bulk (&#8220;Merger Sub&#8221;), and Eagle Bulk Shipping Inc., a Republic of the Marshall Islands corporation (&#8220;Eagle&#8221;), entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) to combine in
        an all-stock merger (the &#8220;Eagle Merger&#8221;). The Eagle Merger was completed on April 9, 2024 following the satisfaction or waiver of customary closing conditions as set forth in the Merger Agreement, including approval by Eagle shareholders and
        receipt of applicable regulatory approvals. Pursuant to the terms of the Merger Agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and
        is no longer listed on the New York Stock Exchange.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">This report on Form 6-K is being filed to provide certain additional historical financial statements of Eagle and pro forma financial information of the Company required by Rule 3-05 and Article 11 of
        Regulation S-X.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">This report on Form 6-K includes the following financial statements:</div>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zea61369ed0d24329901914557f92672a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; color: #000000;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">in exhibit 99.1, the unaudited consolidated balance sheet of Eagle as of March 31, 2024 and the related unaudited consolidated statements of operations, statements of comprehensive income, statements of changes in
                stockholders&#8217; equity and statements of cash flows for the three-month periods ended March 31, 2024 and 2023, together with the notes thereto.</div>
            </td>
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      <table cellspacing="0" cellpadding="0" id="z7af5959057274833bd6ef1abdc325ec5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; color: #000000;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">in exhibit 99.2, the unaudited pro forma condensed combined income statement of the Company for the year ended December 31, 2024, which gives effect to the Eagle Merger as if it had been consummated on January 1,
                2024 (the &#8220;pro forma condensed combined income statement&#8221;). The pro forma condensed combined income statement is based upon, derived from and, where applicable, should be read in conjunction with the following: (i) the historical audited
                consolidated financial statements of Star Bulk, which are available in Star Bulk&#8217;s Annual Report on Form 20&#8209;F for the fiscal year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) on March 19, 2025,
                and (ii) the historical unaudited consolidated statements of operations of Eagle for the three-month period ended March 31, 2024, included in this Form 6&#8209;K in Exhibit 99.1.</div>
            </td>
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    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; color: #000000;">The unaudited pro forma condensed combined income statement has been prepared for illustrative purposes only and does not purport to represent the actual results of operations of
        the Company. It is based on available measures and certain assumptions and is not necessarily indicative of the results that would have been achieved had the Eagle Merger occurred on the date indicated. In addition, the unaudited pro forma
        condensed combined income statement does not purport to project the future operating results of the Company. Future results may vary significantly from the results reflected because of various factors.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;">INCORPORATION BY REFERENCE</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;">The exhibits to this Form 6-K are hereby incorporated by reference into the registrant&#8217;s Registration Statement on Form F-3 (File No. 333-264226) 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, as
        amended (the &#8220;Securities Act&#8221;) or the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;).</div>
    </div>
    <div><br>
    </div>
    <div>
      <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 and Section 21E of the Exchange Act, with respect to our financial condition, results of operations and business and our expectations or beliefs concerning future
        events. Words such as, but not limited to, &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;will,&#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>
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    <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 style="text-align: justify;">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><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zd2c450f0ee114d54b27938875b94da07" 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;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the possibility that the expected synergies and value creation from the Eagle Merger will not be realized, or will not be realized within the expected time period;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the possibility that additional unexpected costs or difficulties related to the integration of the Company and Eagle&#8217;s operations will be greater than expected;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the strength of world economies&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the stability of Europe and the Euro;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">fluctuations in currencies, interest rates and foreign exchange rates&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">business disruptions due to natural and other disasters or otherwise, such as the impact of any future epidemics&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation in the dry bulk sector&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">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&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">changes in our expenses, including bunker prices, dry docking, crewing and insurance costs&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">changes in governmental rules and regulations or actions taken by regulatory authorities&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">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&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">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&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">potential cyber-attacks which may disrupt our business operations&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">general domestic and international political conditions or events, including &#8220;trade wars,&#8221; the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the
              Middle East and the Houthi attacks in the Red Sea and the Gulf of Aden&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">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&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">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&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">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&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the availability of financing and refinancing&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the failure of our contract counterparties to meet their obligations&#894;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business&#894;</div>
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        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the impact of our indebtedness and the compliance with the covenants included in our debt agreements&#894;</div>
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        <tr>
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          <td rowspan="1" style="width: 3%; vertical-align: top;">&#9679;</td>
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    <div><br>
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    <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: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">potential exposure or loss from investment in derivative instruments&#894;</div>
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        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
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            <div style="text-align: justify;">potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management&#894;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">our ability to complete acquisition transactions as and when planned and upon the expected terms&#894;</div>
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        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
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            <div style="text-align: justify;">the impact of port or canal congestion or disruptions&#894; and</div>
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        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify;">&#9679;</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify;">the risk factors and other factors referred to in the Company&#8217;s reports filed with or furnished to the SEC.</div>
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    <div><br>
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    <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 2024, filed with the SEC on March 19, 2025.</div>
    </div>
    <div><br>
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    <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>
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      <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
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    <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>
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    <div style="text-align: justify;">Dated: March 27, 2025</div>
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            <div style="color: #000000; font-weight: bold;">Star Bulk Carriers Corp.</div>
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          <td style="width: 12%; vertical-align: bottom;">&#160;</td>
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          <td style="width: 48.92%; vertical-align: bottom;">&#160;</td>
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          <td style="width: 4%; vertical-align: bottom;">&#160;</td>
          <td style="width: 31%; vertical-align: top;">&#160;</td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
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            <div style="color: #000000;">By:</div>
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            <div style="color: #000000;">/s/ Simos Spyrou</div>
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            <div style="color: #000000;">Name:</div>
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          <td style="width: 31%; vertical-align: top;">
            <div style="color: #000000;">Simos Spyrou</div>
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          <td style="width: 12%; vertical-align: top;">&#160;</td>
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          <td style="width: 12%; vertical-align: top;">&#160;</td>
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            <div style="color: #000000; font-weight: bold;">Exhibit</div>
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          <td style="width: 11%; vertical-align: top;">
            <div style="color: #000000;"><a href="ex99-1.htm">99.1</a></div>
          </td>
          <td style="width: 1.44%; vertical-align: top;">&#160;</td>
          <td style="width: 88.14%; vertical-align: top;">
            <div style="color: #000000;"><a href="ex99-1.htm">Unaudited consolidated balance sheet of Eagle Bulk Shipping Inc. as of March 31, 2024 and the related unaudited
                consolidated statements of operations, statements of comprehensive income, statements of changes in stockholders&#8217; equity and statements of cash flows for the three-month periods ended March 31, 2024 and 2023, together with the notes thereto</a></div>
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            <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 255); font-style: normal; font-variant: normal; text-transform: none;"><a href="ex99-2.htm">Unaudited pro forma condensed combined income statement<font style="font-size: 8pt;">&#160;</font>of Star Bulk Carriers Corp. for the year ended
                December 31, 2024</a></div>
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          <td style="width: 11%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.1
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<TEXT>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div><br>
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    <table cellspacing="0" cellpadding="0" id="z98b2b49cafe847cd92721918fb620ea5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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    <div style="text-align: center; text-indent: 15.75pt; color: #000000; font-size: 18pt; font-weight: bold;">EAGLE BULK SHIPPING INC.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Condensed Consolidated Financial Statements</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">as of and for the Three Months Ended March 31, 2024</div>
    <div><br>
    </div>
    <div><br>
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    <div style="text-align: center; color: #000000; font-weight: bold;"><u>TABLE OF CONTENTS</u></div>
    <div style="text-align: center; color: #000000; font-weight: bold;"><u> <br>
      </u></div>
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            <div style="text-align: right;">Page <br>
            </div>
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          <td style="width: 94.31%; vertical-align: top; background-color: #CCEEFF;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">FINANCIAL STATEMENTS (Unaudited)</font> <br>
            </div>
          </td>
          <td style="width: 5.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); color: rgb(0, 0, 0);">&#160;</td>
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            <div style="background-color: rgb(204, 238, 255); color: rgb(0, 0, 0);"><a href="#ccbs">Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023</a></div>
          </td>
          <td style="width: 5.69%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#ccbs"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">F-1 </font><br>
              </a> </div>
          </td>
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          <td style="width: 94.31%; vertical-align: bottom; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5.69%; vertical-align: top; text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 94.31%; vertical-align: top; background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#ccsoo"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Condensed Consolidated Statements of Operations for the
                  three months ended March 31, 2024 and 2023</font><br>
              </a> </div>
          </td>
          <td style="width: 5.69%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#ccsoo"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">F-3 </font><br>
              </a> </div>
          </td>
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          <td style="width: 94.31%; vertical-align: bottom; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5.69%; vertical-align: top; text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
        </tr>
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          <td style="width: 94.31%; vertical-align: top; background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#ccsoci"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Condensed Consolidated Statements of Comprehensive
                  Income for the three months ended March 31, 2024 and 2023</font><br>
              </a> </div>
          </td>
          <td style="width: 5.69%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#ccsoci"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">F-4 </font><br>
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          <td style="width: 94.31%; vertical-align: bottom; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5.69%; vertical-align: top; text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
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            <div style="color: rgb(0, 0, 0);"><a href="#ccsose"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Condensed Consolidated Statements of Stockholders&#8217;
                  Equity for the three months ended March 31, 2024 and 2023</font><br>
              </a> </div>
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          <td style="width: 5.69%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#ccsose"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">F-5</font><br>
              </a> </div>
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          <td style="width: 94.31%; vertical-align: bottom; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5.69%; vertical-align: top; text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 94.31%; vertical-align: top; background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#ccsocf"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Condensed Consolidated Statements of Cash Flows for the
                  three months ended March 31, 2024 and 2023</font><br>
              </a> </div>
          </td>
          <td style="width: 5.69%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#ccsocf"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">F-6 </font><br>
              </a> </div>
          </td>
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          <td style="width: 94.31%; vertical-align: bottom; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5.69%; vertical-align: top; text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td style="width: 94.31%; vertical-align: top; background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#notes"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Notes to Condensed Consolidated Financial Statements </font><br>
              </a> </div>
          </td>
          <td style="width: 5.69%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="color: rgb(0, 0, 0);"><a href="#notes"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">F-7</font><br>
              </a> </div>
          </td>
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    <div style="text-align: center; font-weight: bold;">EAGLE BULK SHIPPING INC. AND SUBSIDIARIES</div>
    <div style="text-align: center; font-weight: bold;"><a name="ccbs"><!--Anchor--></a>Condensed Consolidated Balance Sheets (Unaudited)</div>
    <div style="text-align: center; font-weight: bold;"><font style="color: rgb(0, 0, 0);">March 31, 2024</font> and <font style="color: rgb(0, 0, 0);">December 31, 2023</font></div>
    <div style="text-align: center;">(U.S. Dollars in thousands, except share data and par values)</div>
    <div><br>
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    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z1e9b52c7e05845c7a151c5aaa7d7feee" class="cfttable">

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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
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          <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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2023</div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 70%;">
            <div style="color: #000000; font-weight: bold;">ASSETS:</div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: 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" 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>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000; font-weight: bold;">Current assets:</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Cash and cash equivalents</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">106,652</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">118,615</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div>Accounts receivable, net of a reserve of <font style="color: #000000;">$2,897</font> and <font style="color: #000000;">$2,916</font>, respectively</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">35,456</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">30,917</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Prepaid expenses</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">8,144</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">5,525</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Inventories</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">19,669</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">24,988</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Collateral on derivatives</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">969</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,219</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Fair value of derivative assets &#8211; current</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">7,205</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">6,824</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Vessels held for sale</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">29,254</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px;">
            <div style="color: #000000;">Other current assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">378</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">458</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt; color: #000000;">Total current assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">207,727</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">189,546</div>
            <div></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>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000; font-weight: bold;">Noncurrent assets:</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Vessels and vessel improvements, at cost, net of accumulated depreciation of <font style="color: #000000;">$291,244</font> and <font style="color: #000000;">$301,694</font>, respectively</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">861,477</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">904,298</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Advances for BWTS and other assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,246</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,414</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Deferred drydock costs, net</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">37,180</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">38,717</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div>Other fixed assets, net of accumulated depreciation of <font style="color: #000000;">$1,475</font> and <font style="color: #000000;">$1,393</font>, respectively</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,036</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,086</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Operating lease right-of-use assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">14,589</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">7,182</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Restricted cash &#8211; noncurrent</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,575</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,575</div>
            <div></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: middle; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Fair value of derivative assets &#8211; noncurrent</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,760</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,136</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px;">
            <div style="margin-left: 18pt; color: #000000;">Total noncurrent assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">920,863</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">958,408</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Total assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,128,590</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,147,954</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000; font-weight: bold;">LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY:</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Current liabilities:</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Accounts payable</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">21,872</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">21,245</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Accrued interest</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,816</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,472</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Other accrued liabilities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">18,296</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">23,496</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Fair value of derivative liabilities &#8211; current</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">63</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">479</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Current portion of operating lease liabilities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">12,971</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">6,153</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Unearned charter hire revenue</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,241</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">4,312</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Current portion of long-term debt &#8211; Global Ultraco Debt Facility</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">49,800</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">49,800</div>
            <div></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: middle; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Current portion of long-term debt &#8211; Convertible Bond Debt, net of debt discount and debt issuance costs</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">69,237</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">103,890</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px;">
            <div style="margin-left: 18pt; color: #000000;">Total current liabilities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">177,296</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">212,847</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Noncurrent liabilities:</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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" style="vertical-align: middle; width: 70%;">
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">318,321</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">330,113</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Fair value of derivative liabilities &#8211; noncurrent</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">629</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,505</div>
            <div></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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-1</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Noncurrent portion of operating lease liabilities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,716</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,576</div>
            <div></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: middle; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Other noncurrent accrued liabilities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">39</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">695</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px;">
            <div style="margin-left: 18pt; color: #000000;">Total noncurrent liabilities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">321,705</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">334,889</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Total liabilities</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">499,001</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">547,736</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Commitments and contingencies (<font style="color: #000000;">Note 8</font>) <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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" style="vertical-align: bottom; width: 70%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Stockholders&#8217; equity:</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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" style="vertical-align: middle; width: 70%;">
            <div>Preferred stock, <font style="color: #000000;">$0.01</font> par value, <font style="color: #000000;">25,000,000</font> shares authorized, <font style="color: #000000;">none</font> issued as of <font style="color: #000000;">March 31,
                2024</font> and <font style="color: #000000;">December 31, 2023</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Common stock, <font style="color: #000000;">$0.01</font> par value, <font style="color: #000000;">700,000,000</font> shares authorized, <font style="color: #000000;">10,476,091</font> and <font style="color: #000000;">9,326,231</font>
              shares issued and outstanding as of <font style="color: #000000;">March 31, 2024</font> and <font style="color: #000000;">December 31, 2023</font>, respectively</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">105</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">93</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: #000000;">Additional paid-in capital</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">783,689</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">748,401</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Accumulated deficit</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(163,217</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(156,727</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>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px;">
            <div style="color: #000000;">Accumulated other comprehensive income</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">9,012</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">8,451</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Total stockholders&#8217; equity</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">629,589</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">600,218</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 4px;">
            <div style="color: #000000; font-weight: bold;">Total liabilities and stockholders&#8217; equity</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,128,590</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,147,954</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.</div>
    <div style="text-align: center;"> <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">F-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 style="text-align: center; font-weight: bold;">EAGLE BULK SHIPPING INC. AND SUBSIDIARIES</div>
    <div style="text-align: center; font-weight: bold;"><a name="ccsoo"><!--Anchor--></a>Condensed Consolidated Statements of Operations (Unaudited)</div>
    <div style="text-align: center; font-weight: bold;">For the <font style="color: rgb(0, 0, 0);">Three Months Ended</font>&#160;<font style="color: rgb(0, 0, 0);">March 31, 2024</font> and <font style="color: rgb(0, 0, 0);">2023</font></div>
    <div style="text-align: center;">(U.S. Dollars in thousands, except share and per share data)</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="z12da8675657d4032aa94e050aadd1cb0" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="6">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="3" rowspan="1">
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            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Revenues, net <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">93,915</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">105,198</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Voyage expenses<br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">22,992</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">33,475</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Vessel operating expenses <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">29,164</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">31,257</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Charter hire expenses <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">4,911</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">12,420</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Depreciation and amortization <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">15,052</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">14,732</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>General and administrative expenses <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">10,807</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">10,950</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Loss on vessels held for sale <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,216</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Other operating expense <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,016</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">90</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div>Gain on sale of vessels <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 11.25pt; color: #000000;">Total operating expenses, net</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">89,158</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">99,606</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">4,757</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">5,592</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Interest expense <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">7,283</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,857</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Interest income <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(1,507</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(1,836</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div>Realized and unrealized (gain)/loss on derivative instruments, net <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(955</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">369</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div style="margin-left: 11.25pt; color: #000000;">Total other expense, net</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">4,821</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,390</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Net (loss)/income</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">(64</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">3,202</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.</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">F-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 style="text-align: center; font-weight: bold;">EAGLE BULK SHIPPING INC. AND SUBSIDIARIES</div>
    <div style="text-align: center; font-weight: bold;">Condensed Consolidated Statements of Comprehensive Income (Unaudited)<a name="ccsoci"><!--Anchor--></a></div>
    <div style="text-align: center; font-weight: bold;">For the <font style="color: rgb(0, 0, 0);">Three Months Ended</font>&#160;<font style="color: rgb(0, 0, 0);">March 31, 2024</font> and <font style="color: rgb(0, 0, 0);">2023</font></div>
    <div style="text-align: center;">(U.S. Dollars in thousands)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z0764654aea9846fcb0abc6a37ba4c4e7" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="6">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
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          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="3" rowspan="1">
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            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </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="3" rowspan="1">
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            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Net (loss)/income <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">(64</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">3,202</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Other comprehensive income/(loss): <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 12pt; color: #000000;">Effect of cash flow hedges</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">561</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(2,859</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 4px;">
            <div>Comprehensive income <br>
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">497</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">343</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
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    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.</div>
    <div style="text-align: center;"> <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">F-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 style="text-align: center; font-weight: bold;">EAGLE BULK SHIPPING INC. AND SUBSIDIARIES</div>
    <div style="text-align: center; font-weight: bold;">Condensed Consolidated Statements of Stockholders&#8217; Equity (Unaudited)<a name="ccsose"><!--Anchor--></a></div>
    <div style="text-align: center; font-weight: bold;">For the <font style="color: rgb(0, 0, 0);">Three Months Ended</font>&#160;<font style="color: rgb(0, 0, 0);">March 31, 2024</font> and <font style="color: rgb(0, 0, 0);">2023</font></div>
    <div style="text-align: center;">(U.S. Dollars in thousands, except share and per share data)</div>
    <div><br>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
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            <div style="text-align: center; color: #000000; font-weight: bold;">Shares of </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Common Stock</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Common Stock</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
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            <div style="text-align: center; color: #000000; font-weight: bold;">Additional Paid-in Capital</div>
            <div> </div>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Accumulated Deficit</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Accumulated </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Other </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Comprehensive Income</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
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            <div style="text-align: center; color: #000000; font-weight: bold;">Total Stockholders&#8217; Equity</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">
            <div><font style="font-weight: bold;">Balance at December 31, 2023</font> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000; font-weight: bold;">9,326,231</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">93</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">748,401</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">(156,727</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="font-weight: bold; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">8,451</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">600,218</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%;">
            <div>Net loss <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(64</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(64</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">
            <div>Dividends declared (<font style="color: #000000;">$0.60</font> per share) <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(6,426</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(6,426</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: 28%;">
            <div>Issuance of shares due to vesting of equity awards <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">51,041</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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: 28%; background-color: #CCEEFF;">
            <div>Issuance of shares upon conversion of Convertible Bond Debt <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,098,819</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">11</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">34,739</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">34,750</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%;">
            <div>Effect of cash flow hedges <br>
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">561</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">561</div>
            <div></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: 28%; background-color: #CCEEFF;">
            <div>Cash used to settle net share equity awards <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(1,242</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(1,242</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: 28%; padding-bottom: 2px;">
            <div>Stock-based compensation <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,792</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,792</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div><font style="font-weight: bold;">Balance at March 31, 2024</font> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000; font-weight: bold;">10,476,091</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></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><font style="font-weight: bold; color: #000000;">105</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">783,689</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></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><font style="font-weight: bold; color: #000000;">(163,217</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="font-weight: bold; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">9,012</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></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><font style="font-weight: bold; color: #000000;">629,589</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z9ea12eab474e4e68bb4ef7a4e99a234a" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Shares of </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Common Stock</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Common Stock</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Additional Paid-in Capital</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Accumulated Deficit</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Accumulated </div>
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            <div style="text-align: center; color: #000000; font-weight: bold;">Comprehensive Income</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Total Stockholders&#8217; Equity</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">
            <div><font style="font-weight: bold;">Balance at December 31, 2022</font> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000; font-weight: bold;">13,003,702</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">130</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">966,058</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">(163,556</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="font-weight: bold; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">16,549</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">819,181</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%;">
            <div>Net income <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,202</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,202</div>
            <div></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: 28%; background-color: #CCEEFF;">
            <div>Dividends declared (<font style="color: #000000;">$0.60</font> per share) <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(8,019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(8,019</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: 28%;">
            <div>Issuance of shares due to vesting of equity awards <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">61,358</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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: 28%; background-color: #CCEEFF;">
            <div>Effect of cash flow hedges <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(2,859</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(2,859</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: 28%;">
            <div>Cash used to settle net share equity awards <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(1,651</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(1,651</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,855</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,855</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px;">
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000; font-weight: bold;">13,065,060</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
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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><font style="font-weight: bold; color: #000000;">131</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></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><font style="font-weight: bold; color: #000000;">966,261</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
            <div><font style="font-weight: bold; color: #000000;">(168,373</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
            <div><font style="font-weight: bold; color: #000000;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></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><font style="font-weight: bold; color: #000000;">13,690</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="font-weight: bold; color: #000000;">$</font></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><font style="font-weight: bold; color: #000000;">811,709</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
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    <div><br>
    </div>
    <div style="text-align: center;">The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.</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">F-5</font></div>
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    <div style="text-align: center; font-weight: bold;">EAGLE BULK SHIPPING INC. AND SUBSIDIARIES</div>
    <div style="text-align: center; font-weight: bold;">Condensed Consolidated Statements of Cash Flows (Unaudited)<a name="ccsocf"><!--Anchor--></a></div>
    <div style="text-align: center; font-weight: bold;">For the <font style="color: #000000;">Three Months Ended</font>&#160;<font style="color: #000000;">March 31, 2024</font> and <font style="color: #000000;">2023</font></div>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
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          <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>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
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        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;">
            <div><font style="font-weight: bold;">Cash flows from operating activities:</font> <br>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: 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" 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>
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          <td valign="bottom" style="vertical-align: middle; width: 70%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: rgb(0, 0, 0);">(64</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div><font style="color: rgb(0, 0, 0);">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: rgb(0, 0, 0);">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: rgb(0, 0, 0);">3,202</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: rgb(0, 0, 0); font-style: italic;">Adjustments to reconcile net (loss)/income to net cash provided by operating activities:</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Depreciation</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">11,480</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">11,191</div>
            <div></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: middle; width: 70%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">3,948</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">6,326</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Amortization of deferred drydocking costs</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">3,572</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">3,541</div>
            <div></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: 70%; background-color: rgb(204, 238, 255);">
            <div>Loss on vessels held for sale <br>
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">3,216</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">1,792</div>
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            <div style="color: rgb(0, 0, 0);">1,855</div>
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          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <div style="color: rgb(0, 0, 0);">756</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <div style="color: rgb(0, 0, 0);">518</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
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            <div style="color: rgb(0, 0, 0);">&#8212;</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Unrealized (gain)/loss on derivative instruments, net</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(719</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <div style="color: rgb(0, 0, 0);">236</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 70%;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(2,646</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(3,661</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: rgb(0, 0, 0); font-style: italic;">Changes in operating assets and liabilities:</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Accounts receivable</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(4,704</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">2,416</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Prepaid expenses</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(2,619</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(1,976</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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        <tr>
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            <div style="color: rgb(0, 0, 0);">Inventories</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">5,320</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">5,168</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Collateral on derivatives</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">1,250</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(2,573</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Fair value of derivatives, other current and noncurrent assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">62</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(133</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Accounts payable</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">917</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(833</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Accrued interest</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(1,656</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(1,335</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Other accrued liabilities</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(4,853</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(4,728</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Operating lease liabilities current and noncurrent</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(4,234</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(1,071</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(1,179</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div style="margin-left: 20.25pt; color: rgb(0, 0, 0); font-weight: bold;">Net cash provided by operating activities</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">9,747</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">7,411</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Cash flows from investing activities:</font> <br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Purchase of vessels and vessel improvements</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(478</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(20,881</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Advances for vessel purchases</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(6,020</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Purchase of BWTS</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(671</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(210</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Net proceeds from sale of vessels</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">8,380</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Proceeds from hull and machinery insurance claims</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">174</div>
            <div></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: middle; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Purchase of other fixed assets</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(106</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(26</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div style="margin-left: 18pt;"><font style="font-weight: bold;">Net cash used in investing activities</font> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(1,255</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(18,583</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Cash flows from financing activities:</font> <br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%;">
            <div style="color: rgb(0, 0, 0);">Repayment of Term Facility &#8211; Global Ultraco Debt Facility</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(12,450</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(12,450</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">Dividends paid</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(6,763</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(8,626</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 70%; padding-bottom: 2px;">
            <div style="color: rgb(0, 0, 0);">Cash paid for taxes related to net share settlement of equity awards</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(1,242</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; 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: 12%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(1,651</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;"><font style="font-weight: bold;">Net cash used in financing activities</font> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(20,455</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(22,727</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Net decrease in cash, cash equivalents and restricted cash <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(11,963</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: rgb(0, 0, 0);">(33,899</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: rgb(0, 0, 0);">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: normal;">Cash, cash equivalents and restricted cash at beginning of period</font><br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">121,190</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: rgb(0, 0, 0);">189,754</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 4px;">
            <div style="margin-left: 18pt;"><font style="font-weight: bold;">Cash, cash equivalents and restricted cash at end of period</font> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: rgb(0, 0, 0);">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: rgb(0, 0, 0);">109,227</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: rgb(0, 0, 0);">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: rgb(0, 0, 0);">155,855</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;">The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.</div>
    <div style="text-align: center;"> <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">F-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 style="text-align: center; font-weight: bold;"><a name="notes"><!--Anchor--></a>EAGLE BULK SHIPPING INC. AND SUBSIDIARIES</div>
    <div style="text-align: center; font-weight: bold;">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>
    <div style="text-align: justify; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Note 1. <font style="color: #000000;">Basis of Presentation and General Information</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or similar
      terms). All dollar amounts are stated in U.S. dollars and are presented in thousands, on a rounded basis, using actual amounts, except for per share amounts and unless otherwise noted. Minor differences in totals or percentages may exist due to
      rounding.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;). However, they do not
      include all of the information and notes normally included in consolidated financial statements prepared in conformity with U.S. GAAP.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair
      presentation of its condensed consolidated financial position and results of operations for the interim periods presented.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include fair values of
      long-lived assets (primarily vessels and operating lease right-of-use assets), impairment of long-lived assets (primarily vessels and operating lease right-of-use assets), stock-based compensation and financial instruments (primarily derivative
      instruments and Convertible Bond Debt (as defined herein)), residual values of vessels, useful lives of vessels and estimated losses on accounts receivable. Actual results could differ from those estimates.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Our Business</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company is engaged in the business of ocean transportation of drybulk cargoes worldwide through the ownership, charter and operation of drybulk carrier vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company&#8217;s fleet, which is comprised of Supramax and Ultramax drybulk carriers is engaged in the Company&#8217;s single set of business activities. Each of the Company&#8217;s vessels serve the same type of
      customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one operating segment and
      one reportable segment. As the Company&#8217;s vessels transport cargoes on behalf of customers across the globe, between countries and through international waters via many different trade routes, the disclosure of geographic information is impracticable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024, the Company owned and operated a modern fleet of 52 ocean-going vessels (two of which, the Crested Eagle and Stellar Eagle, are classified as held for sale), including 22 Supramax
      and 30 Ultramax vessels with a combined carrying capacity of 3.16 million deadweight tons (&#8220;dwt&#8221;) and an average age of approximately 10.9 years.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In addition to its owned fleet, the Company charters-in third-party vessels on both a short-term and long-term basis. As of March 31, 2024, the Company had three Ultramax vessels on a long-term
      charter-in basis, with remaining lease terms ranging from less than one year to thirteen months.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">For each of the three months ended March 31, 2024 and 2023, the Company had no charterers which individually accounted for more than 10% of the Company&#8217;s gross charter revenue.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-7</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Merger</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Pursuant to an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;), dated as of December 11, 2023, by and among the Company, Star Bulk Carriers Corp., a Republic of the Marshall Islands corporation
      (&#8220;Star Bulk&#8221;), and Star Infinity Corp., a Republic of the Marshall Islands corporation and a wholly owned subsidiary of Star Bulk (&#8220;Merger Sub&#8221;), Merger Sub merged with and into the Company (the &#8220;Merger&#8221;), with the Company surviving the Merger as a
      wholly owned subsidiary of Star Bulk. The Merger became effective on April 9, 2024 (the &#8220;Effective Time&#8221;). Refer to Note 13. Subsequent Events for additional information regarding the Merger.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Note 2. Recent Accounting Pronouncements</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Recently Adopted Accounting Pronouncements</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In March 2020, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2020-04, <font style="font-style: italic;">Facilitation of the Effects of Reference Rate
        Reform on Financial Reporting</font> (&#8220;ASU 2020-04&#8221;). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate
      (&#8220;LIBOR&#8221;) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate
      reform and (2) certain elective hedge accounting expedients. In June 2023, the Company modified certain interest rate swap agreements to coincide with the Global Ultraco Refinancing (as defined below). The Company utilized certain expedients under
      ASU 2020-04 to conclude that the modifications should be accounted for as continuations of the existing swap agreements, which had no impact on our condensed consolidated financial statements. See Note 4. Debt and Note 5.&#160; Derivative Instruments for
      additional information.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Recently Issued Accounting Pronouncements Not Yet Effective</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In December 2023, the FASB issued ASU 2023-09, <font style="font-style: italic;">Improvements to Income Tax Disclosures</font> (&#8220;ASU 2023-09&#8221;). ASU 2023-09 expands income tax disclosure requirements,
      primarily through enhanced disclosures about rate reconciliations, income taxes paid and certain other income tax-related disclosures, while also removing certain income tax-related disclosures deemed to no longer be cost beneficial or relevant. ASU
      2023-09 is effective for annual periods beginning after December 15, 2025 and early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2023-09 on our condensed consolidated financial statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Note 3. <font style="color: #000000;">Vessels and Vessel Improvements</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024, the Company&#8217;s owned fleet consisted of 52 drybulk vessels, two of which (Crested Eagle and Stellar Eagle), are classified as held for sale.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In January 2024, the Company signed a memorandum of agreement to sell the vessel Stellar Eagle (a 2009-built Supramax) for total consideration of $14.7 million. The Company recorded an impairment loss
      of $1.6 million in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2024 in connection with the classification of this vessel as held for sale. The Stellar Eagle is expected to be delivered to the buyer in the
      second quarter of 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In February 2024, the Company signed a memorandum of agreement to sell the vessel Crested Eagle (a 2009-built Supramax) for total consideration of $14.4 million. The Company recorded an impairment loss
      of $1.6 million in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2024 in connection with the classification of this vessel as held for sale. The Crested Eagle was delivered to the buyer in the second quarter
      of 2024.</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">F-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; color: #000000;">Activity in Vessels and vessel improvements for the three months ended March 31, 2024 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z92d7eb90c7a942c1b1e1398d19cecc9e" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 85%;">&#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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 85%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Beginning balance</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">904,298</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 85%;">
            <div style="color: #000000;">Purchase of vessels and vessel improvements</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">363</div>
            <div></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: middle; width: 85%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Purchase of BWTS</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">522</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 85%;">
            <div style="color: #000000;">Vessels held for sale</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(29,093</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 85%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Vessel impairment</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(3,216</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: middle; width: 85%; padding-bottom: 2px;">
            <div style="color: #000000;">Depreciation expense</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(11,397</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>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Ending balance</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">861,477</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Note 4. <font style="color: #000000;">Debt</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Long-term debt consists of the following:</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="z385ec57311ab434785acae6bdca8c5c2" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="11" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="11" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Principal Amount Outstanding</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Debt Discounts </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">and Debt Issuance Costs</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Carrying Value</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Principal Amount Outstanding</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Debt Discounts <br>
              and Debt Issuance Costs</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Carrying Value</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #CCEEFF;">
            <div>Convertible Bond Debt <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">69,369</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">(132</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">69,237</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">104,119</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">(229</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">103,890</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%;">
            <div>Global Ultraco Debt Facility &#8211; Term Facility <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">250,500</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(4,849</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">245,651</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">262,950</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(5,305</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">257,645</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div>Global Ultraco Debt Facility &#8211; Revolving Facility <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">125,000</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(2,530</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">122,470</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">125,000</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(2,732</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">122,268</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px;">
            <div>Total debt <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">444,869</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(7,511</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" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">437,358</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">492,069</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(8,266</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" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">483,803</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #CCEEFF;">
            <div>Less: Current portion &#8211; Convertible Bond Debt <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(69,369</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">132</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(69,237</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(104,119</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">229</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(103,890</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px;">
            <div>Less: Current portion &#8211; Global Ultraco Debt Facility <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(49,800</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" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(49,800</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" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(49,800</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" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(49,800</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>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div>Total long-term debt <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">325,700</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></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><font style="color: #000000;">(7,379</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">318,321</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></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><font style="color: #000000;">338,150</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">(8,037</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></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><font style="color: #000000;">330,113</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Global Ultraco Debt Facility</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On May 11, 2023, Eagle Bulk Ultraco LLC (&#8220;Eagle Ultraco&#8221;), a wholly-owned subsidiary of the Company, along with certain of its wholly-owned, vessel-owning subsidiaries as guarantors, amended and
      restated its Credit Agreement originally dated October 1, 2021 (the &#8220;Original Global Ultraco Debt Facility&#8221;) pursuant to an Amended and Restated Credit Agreement dated as of May 11, 2023 (the &#8220;Global Ultraco Refinancing&#8221; and, as amended, the &#8220;Global
      Ultraco Debt Facility&#8221;) with the lenders party thereto and Cr&#233;dit Agricole Corporate and Investment Bank (&#8220;Credit Agricole&#8221;) as security trustee, structurer, sustainability coordinator and facility agent (collectively, the &#8220;Lenders&#8221;). The Company
      paid fees of $3.5 million to the Lenders in connection with the Global Ultraco Refinancing.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Global Ultraco Refinancing provided for additional loan capacity of up to $175.0 million, thereby increasing the aggregate principal amount of senior secured credit facilities under the Global
      Ultraco Debt Facility to $485.3 million (from $310.3 million under the Original Global Ultraco Debt Facility). Additional amounts provided under the Global Ultraco Refinancing included (i) an additional term loan of up to $75.0 million, thereby
      increasing the aggregate principal amount of term loans under the Global Ultraco Debt Facility to $300.3 million (the &#8220;Term Facility&#8221;) and (ii) an additional revolving credit facility in an aggregate principal amount of $100.0 million, thereby
      increasing the aggregate principal amount of revolving credit facilities available under the Global Ultraco Debt Facility to $185.0 million which shall be reduced beginning on September 15, 2023 and every three months thereafter, by twenty-one
      consecutive reductions of $5.445 million (the &#8220;Revolving Facility&#8221;). Proceeds from the Global Ultraco Refinancing are to be used for general corporate and working capital purposes, including, but not limited to vessel purchases, capital improvements,
      stock buybacks or equity repurchases, retirement of debt and other strategic initiatives.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-9</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024 and December 31, 2023, the undrawn portion of the Revolving Facility was $43.7 million and $49.1 million, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In August 2023, the Company entered into three interest rate swaps for a total notional amount of $75.0 million to fully hedge the SOFR-based floating interest rate exposure on amounts borrowed under
      the Term Facility. See Note 5. Derivative Instruments, for additional details.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Pursuant to the Global Ultraco Debt Facility, the Term Facility and the Revolving Facility mature and are repayable in full on September 28, 2028 (the &#8220;Loan Maturity Date&#8221;). The Term Facility will be
      repaid in twenty-two quarterly installments of $12.45 million beginning on June 15, 2023, with a final balloon payment due on the Loan Maturity Date. Outstanding borrowings under the Global Ultraco Debt Facility bear interest at a rate equal to the
      sum of (i) Term SOFR (as defined in the Global Ultraco Debt Facility) for the relevant interest period, (ii) a credit spread adjustment of 26.161% basis points per annum to achieve parity between the SOFR-based benchmark rate on the Global Ultraco
      Debt Facility and the LIBOR-based benchmark rate on the Original Global Ultraco Debt Facility and (iii) the applicable margin, which ranges between 2.05% and 2.75% based on the consolidated net leverage ratio of the Company and certain
      sustainability-linked criteria.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of April 15, 2024, all amounts outstanding under the Term Facility and Revolving Facility were repaid in full, including accrued interest and fees and all commitments available under the Revolving
      Facility were cancelled. Refer to Note 13. Subsequent Events for additional information regarding the repayment of amounts outstanding under the Global Ultraco Debt Facility.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Global Ultraco Debt Facility is secured by, among other items, a first priority mortgage on 52 of the Company&#8217;s owned vessels, as identified in the Global Ultraco Debt Facility, and such other
      vessels that the Company may, from time to time, include with the approval of the Lenders (collectively, the &#8220;Eagle Vessels&#8221;). The Global Ultraco Debt Facility contains standard affirmative and negative covenants as well as certain financial
      covenants. The financial covenants require the Company, on a consolidated basis, to maintain at all times (a) (i) cash and cash equivalents or (ii) undrawn Revolving Facility commitments up to seven months prior to the Loan Maturity Date not less
      than the greater of (i) $0.6 million per vessel owned directly or indirectly by the Company and its subsidiaries or (ii) 7.5% of consolidated total debt; (b) a debt to capitalization ratio of not greater than 0.60:1.00; and (c) positive working
      capital (excluding the current portions of operating lease liabilities and long-term debt). Additionally, the Company has to ensure that the aggregate fair market value of the Eagle Vessels is not less than 140% of the aggregate principal amounts
      outstanding under the Global Ultraco Debt Facility. As of March 31, 2024, the Company was in compliance with all applicable financial covenants under the Global Ultraco Debt Facility.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Prior to the Global Ultraco Refinancing, on October 1, 2021, Eagle Ultraco, along with certain of its vessel-owning subsidiaries as guarantors, entered into the Original Global Ultraco Debt Facility
      with the lenders party thereto. The Original Global Ultraco Debt Facility provided for an aggregate principal amount of $400.0 million, which consisted of (i) a term loan facility in an aggregate principal amount of $300.0 million and (ii) a
      revolving credit facility in an aggregate principal amount of $100.0 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Original Global Ultraco Debt Facility had a maturity date of October 1, 2026. Outstanding borrowings bore interest at a rate of LIBOR plus 2.10% to 2.80% per annum, depending on certain metrics such
      as the Company&#8217;s financial leverage ratio and meeting sustainability linked criteria. Repayments of $12.45 million were due quarterly and began on December 15, 2021, with a final balloon payment of all outstanding principal and accrued interest due
      upon maturity. As a result of the sale of the vessels Newport Eagle, Montauk Eagle and Sankaty Eagle, the aggregate principal amount available under the revolving credit facility was reduced from $100.0 million to $85.0 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Original Global Ultraco Debt Facility was secured by 49 of the Company&#8217;s vessels. The Original Global Ultraco Debt Facility contained certain standard affirmative and negative covenants along with
      financial covenants. Through the date of the Global Ultraco Refinancing, the Company was in compliance with all applicable covenants under the Original Global Ultraco Debt Facility.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-10</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Global Ultraco Refinancing was accounted for as a modification under Accounting Standards Codification (&#8220;ASC&#8221;) 470, <font style="font-style: italic;">Debt</font>. As such, a new effective interest
      rate was determined based on the carrying value of the term facility just prior to the Global Ultraco Refinancing, including unamortized discount and debt issuance costs, as well as fees paid to the Lenders attributable to the Term Facility in
      connection with the Global Ultraco Refinancing. In addition, an amount of previously unamortized debt issuance costs and fees paid to lenders attributable to the revolving credit facility under the Original Global Ultraco Debt Facility as well as
      fees paid to the Lenders and third party costs attributable to the Revolving Facility in connection with the Global Ultraco Refinancing shall be deferred and amortized over the term of the Revolving Facility in a manner consistent with the Revolving
      Facility&#8217;s contractual reduction in capacity.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Prior to the Global Ultraco Refinancing, in October 2021, the Company entered into four interest rate swaps for the notional amount of $300.0 million of the term facility under the Original Global
      Ultraco Debt Facility to hedge the Original Global Ultraco Debt Facility&#8217;s LIBOR-based floating interest rate. In June 2023, the Company modified its then outstanding interest rate swap agreements to replace the underlying benchmark interest rate
      from LIBOR to SOFR with all other material terms remaining unchanged. See Note 5. Derivative Instruments, for additional details.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Convertible Bond Debt</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On July 29, 2019, the Company issued $114.1 million in aggregate principal amount of 5.0% Convertible Senior Notes due 2024 (the &#8220;Convertible Bond Debt&#8221;). After deducting debt discount of $1.6 million,
      the Company received net proceeds of approximately $112.5 million. Additionally, the Company incurred $1.0 million of debt issuance costs relating to this transaction. The Company used the proceeds to partially finance the purchase of six Ultramax
      vessels and for general corporate purposes, including working capital.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Convertible Bond Debt bears interest at a rate of 5.0% per annum on the outstanding principal amount thereof, payable semi-annually in arrears on February 1 and August 1 of each year, which
      commenced on February 1, 2020. The Convertible Bond Debt may bear additional interest upon certain events, as set forth in the Indenture, dated as of July 29, 2019, by and between the Company and Deutsche Bank Trust Company Americas, as trustee (the
      &#8220;Trustee&#8221;) governing the Convertible Bond Debt (the &#8220;Base Indenture&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Convertible Bond Debt will mature on August 1, 2024 (the &#8220;Maturity Date&#8221;), unless earlier repurchased, redeemed or converted pursuant to its terms. From time to time, the Company may, subject to
      market conditions and other factors and to the extent permitted by law, opportunistically repurchase the Convertible Bond Debt in the open market or through privately negotiated transactions. The Company may not otherwise redeem the Convertible Bond
      Debt prior to the Maturity Date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Each holder has the right to convert any portion of the Convertible Bond Debt, provided such portion is of $1,000 or a multiple thereof, at any time prior to the close of business on the business day
      immediately preceding the Maturity Date. As of March 31, 2024, the conversion rate of the Convertible Bond Debt after adjusting for a 1-for-7 reverse stock split effected on September 15, 2020 (the &#8220;Reverse Stock Split&#8221;) and the Company&#8217;s cash
      dividends declared through March 31, 2024 was 31.9218 shares of Common Stock per $1,000 principal amount of Convertible Bond Debt, which is equivalent to a conversion price of approximately $31.33 per share of Common Stock (subject to further
      adjustment for any future dividends).</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On February 5, 2024, OCM Opps EB Holdings, Ltd. provided the Company with a Notice of Conversion pursuant to the Indenture with respect to $34.75 million in aggregate principal amount of Convertible
      Bond Debt. The Company elected to settle this obligation by issuing 1,098,819 shares of Common Stock on February 7, 2024, which represented 9.96% of outstanding Common Stock following such issuance.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Upon conversion of the remaining bonds, the Company will pay or deliver, as the case may be, either cash, shares of its common stock or a combination of cash and shares of its common stock, at the
      Company&#8217;s election, to the holder (subject to shareholder approval requirements in accordance with the Indenture).</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-11</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">If the Company undergoes a fundamental change, as set forth in the Indenture, each holder may require the Company to repurchase all or part of their Convertible Bond Debt for cash in principal amounts
      of $1,000 or a multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the Convertible Bond Debt to be repurchased, plus accrued and unpaid interest. If, however, the holders instead elect to convert
      their Convertible Bond Debt in connection with the fundamental change, the Company will be required to increase the conversion rate of the Convertible Bond Debt at a rate determined by a combination of the date the fundamental change occurs and the
      stock price of the Company&#8217;s common stock on such date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Convertible Bond Debt is a general, unsecured senior obligation of the Company. It ranks: (i) senior in right of payment to any of the Company&#8217;s indebtedness that is expressly subordinated in right
      of payment to the Convertible Bond Debt; (ii) equal in right of payment to any of the Company&#8217;s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company&#8217;s secured indebtedness to the
      extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities of current or future subsidiaries of the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Base Indenture also provides for customary events of default. Generally, if an event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal
      amount of the Convertible Bond Debt then outstanding may declare 100% of the principal of and accrued and unpaid interest, if any, on all the Convertible Bond Debt then outstanding to be due and payable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In connection with the consummation of the Merger, the Company, Star Bulk and the Trustee entered into a First Supplemental Indenture, dated as of April 9, 2024 (the &#8220;Supplemental Indenture&#8221;), which
      amends and supplements the Base Indenture (as amended by the Supplemental Indenture, the &#8220;Indenture&#8221;), governing the Convertible Bond Debt. Refer to Note 13. Subsequent Events for additional information regarding the Supplemental Indenture.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 30, 2024, the Company issued a Notice of Physical Settlement to all holders of the Convertible Bond Debt.&#160; Refer to Note 13. Subsequent Events for additional information.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Share Lending Agreement</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In connection with the issuance of the Convertible Bond Debt, certain persons entered into an arrangement (the &#8220;Share Lending Agreement&#8221;) to borrow up to 511,840 shares of the Company&#8217;s common stock
      through share lending arrangements from Jefferies LLC (&#8220;JCS&#8221;), an initial purchaser of the Convertible Bond Debt. In connection with the foregoing, the Company entered into an agreement with an affiliate of JCS to lend up to 511,840 newly issued
      shares of the Company&#8217;s common stock. The number of shares loaned under the Share Lending Agreement have been adjusted for the Reverse Stock Split. As of March 31, 2024, the fair value of the 511,840 outstanding loaned shares was $32.0 million based
      on the closing price of the common stock on March 31, 2024. In connection with the Share Lending Agreement, JCS paid $0.03 million representing a nominal fee per borrowed share, equal to the par value of the Company&#8217;s common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">While the Share Lending Agreement does not require cash payment upon return of the shares, physical settlement is required (i.e., the loaned shares must be returned at the end of the arrangement). In
      view of this share return provision and other contractual undertakings of JCS in the Share Lending Agreement, which have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of borrowed shares,
      the loaned shares are not considered issued and outstanding for the purpose of computing and reporting the Company&#8217;s basic and diluted weighted average shares or net income per share. If JCS were to file bankruptcy or commence similar administrative,
      liquidating or restructuring proceedings, the Company will have to consider 511,840 shares lent to JCS as issued and outstanding for the purposes of calculating net income per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Following the closing of the Merger, the shares lent to JCS were exchanged for 1,341,584 shares of Star Bulk common stock.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-12</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Interest Expense</div>
    <div><br>
    </div>
    <div style="color: #000000;">A summary of interest expense for the three months ended March 31, 2024 and 2023 is as follows:</div>
    <div style="color: #000000;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zb1d2c95b7ea9413ba6e735114fc692d1" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Convertible Bond Debt <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,012</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,301</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Global Ultraco Debt Facility &#8211; Term Facility <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,877</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,793</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Global Ultraco Debt Facility &#8211; Revolving Facility <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,522</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Commitment fees on Revolving Facility <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">117</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">245</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Amortization of debt discount and debt issuance costs <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">756</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">518</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 4px;">
            <div>Total interest expense <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">7,283</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">3,857</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;" id="zb066961b738a408d9e16df874c07325e">

          <tr>
            <td colspan="1" style="width: 3%; font-size: 8pt; text-align: left; vertical-align: top;">(1)<br>
            </td>
            <td style="width: 97%; font-size: 8pt;">Interest expense on the Term Facility under the Global Ultraco Debt Facility includes a reduction of $2.4 million and $2.3 million of interest from interest rate derivatives designated as hedging
              instruments for the three months ended March 31, 2024 and 2023, respectively. See Note 5. Derivative Instruments, for additional information.</td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: justify;">The following table presents the weighted average effective interest rate on the Company&#8217;s debt obligations, including the amortization of debt discounts and debt issuance costs and costs associated with commitment
      fees on revolving facilities for the three months ended March 31, 2024 and 2023, but excludes the impact on interest from interest rate derivatives designated as hedging instruments. In addition, the following table presents the range of contractual
      interest rates on the Company&#8217;s debt obligations, excluding the impact of costs associated with commitment fees on revolving facilities for the three months ended March 31, 2024 and 2023. </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="zfc859795428d49bc8edd78bdb2a4ca99" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Weighted average effective interest rate <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">8.35</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">%</font></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">7.31</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Range of interest rates <br>
            </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: bottom;">
            <div> </div>
            <div style="text-align: right;"><font style="color: #000000;">5.00%</font> to <font style="color: #000000;">7.99</font></div>
            <div> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;"><font style="color: #000000;">%</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: bottom;">
            <div> </div>
            <div style="text-align: right;"><font style="color: #000000;">5.00%</font> to <font style="color: #000000;">6.97</font></div>
            <div> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;"><font style="color: #000000;">%</font></td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: #000000;">The following table presents the weighted average effective interest rate on the Company&#8217;s debt obligations, including the impact on interest from interest rate derivatives designated as hedging instruments as well as
      amortization of debt discounts and debt issuance costs and costs associated with commitment fees on revolving facilities for the three months ended March 31, 2024 and 2023.</div>
    <div style="color: #000000;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="zeff4b74a30b54f7c9f8fdfcd9403d3d3" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Weighted average effective interest rate, including hedging instruments <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">6.29</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">%</font></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">4.61</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Scheduled Debt Maturities</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The following table presents the scheduled maturities of principal amounts of our debt obligations as of March 31, 2024:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="zfa172eea721c4618887dedb498f14402" style="font-family: 'Times New Roman'; 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="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; font-weight: bold;">Convertible </div>
            <div style="text-align: center; font-weight: bold;">Bond Debt<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; font-weight: bold;">Global Ultraco </div>
            <div style="text-align: center; font-weight: bold;">Debt Facility &#8211; Revolving Facility<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Global Ultraco </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Debt Facility &#8211; </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Term Facility</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Total</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div>Nine months ending December 31, 2024 <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">69,369</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">&#8212;</font></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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">37,350</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">106,719</font></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>2025 <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div></div>
            <div style="color: #000000;">49,800</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div></div>
            <div style="color: #000000;">49,800</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div>2026 <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div></div>
            <div style="color: #000000;">16,230</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div></div>
            <div style="color: #000000;">49,800</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div></div>
            <div style="color: #000000;">66,030</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div>2027 <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div></div>
            <div style="color: #000000;">21,780</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div></div>
            <div style="color: #000000;">49,800</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div></div>
            <div style="color: #000000;">71,580</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div>2028 <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div></div>
            <div style="color: #000000;">86,990</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div></div>
            <div style="color: #000000;">63,750</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div></div>
            <div style="color: #000000;">150,740</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div>2029 <br>
            </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></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div><font style="color: #000000;">69,369</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></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><font style="color: #000000;">125,000</font></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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div><font style="color: #000000;">250,500</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></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><font style="color: #000000;">444,869</font></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>
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">

            <tr>
              <td colspan="1" style="width: 3%; font-size: 8pt; text-align: left; vertical-align: top;">(1)<br>
              </td>
              <td style="width: 97%; font-size: 8pt; text-align: left; vertical-align: top;">This amount represents the aggregate principal amount of the Convertible Bond Debt outstanding that would be payable in cash upon maturity if no holder of the
                Convertible Bond Debt elects conversion pursuant to the Indenture.</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="width: 3%; font-size: 8pt; text-align: left; vertical-align: top;">(2)</td>
              <td rowspan="1" style="width: 97%; font-size: 8pt; text-align: left; vertical-align: top;">Represents amounts payable based on the amount outstanding under the Revolving Facility as of March 31, 2024 and the timing of contractual reductions
                in capacity of the Revolving Facility. The amount and timing of actual repayments may change as a result of additional future borrowings or repayments under the Revolving Facility.</td>
            </tr>

        </table>
      </div>
    </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">F-13</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <br>
    <div style="color: #000000; font-weight: bold;">Note 5. Derivative Instruments</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company uses interest rate swaps to manage its exposure to interest rate risk on its debt. Generally, the Company enters into interest rate swaps with the objective of effectively converting debt
      from a floating-rate to a fixed-rate obligation. As of March 31, 2024, the Company&#8217;s outstanding interest rate swaps were designated as hedging instruments and qualified as cash flow hedges.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">For derivative instruments that are designated and qualify as hedging instruments, the gain or loss on the derivative instrument is reported as a component of Other comprehensive income/(loss) and
      reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same line item in the Condensed Consolidated Statements of Operations as the earnings effect of the hedged item.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company uses forward freight agreements (&#8220;FFAs&#8221;), bunker swaps and EU Emission Allowance (&#8220;EUA&#8221;) futures to manage its exposure to changes in charter hire rates, market bunker prices and market EUA
      prices, respectively. Generally, the Company enters into FFAs with the objective of effectively fixing charter hire rates for future charter transactions, bunker swaps with the objective of effectively fixing forecasted bunker transactions and EUA
      futures with the objective of fixing forecasted EUA obligations under the EU Emissions Trading System. The Company utilizes these derivative instruments to economically hedge these risks and does not designate them as hedging instruments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">For derivative instruments that are not designated as hedging instruments, changes in the fair value of the instruments and the gain or loss ultimately realized upon settlement of the derivative are
      reported in Realized and unrealized (gain)/loss on derivative instruments, net in the Condensed Consolidated Statements of Operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024, the Company has International Swaps and Derivatives Association agreements with five financial institutions which contain netting provisions. In addition to a master agreement with
      the Company supported by a primary parent guarantee on either side, the Company also has associated credit support agreements in place with the one counterparty which, among other things, provide the circumstances under which either party is required
      to post eligible collateral when the market value of transactions covered by these agreements exceeds specified thresholds.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-style: italic;">Interest rate swaps</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In June 2023, the Company modified its then outstanding interest rate swap agreements to replace the underlying benchmark interest rate from LIBOR to SOFR with all other material terms remaining
      unchanged. As discussed in Note 2. Recent Accounting Pronouncements, the Company utilized certain expedients under ASU 2020-04 to account for these modifications as continuations of existing agreements which had no impact on our condensed
      consolidated financial statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024, the Company had the following outstanding interest rate swaps that were designated and qualified as cash flow hedges.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="z4213429d8034438e9bde171096e45326" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="vertical-align: bottom; text-align: center; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Range of Fixed Rates</font> <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; text-indent: 20pt; color: #000000; font-weight: bold;">Weighted Average Fixed Rate</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" rowspan="1">
            <div> </div>
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Notional Amount Outstanding</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 31%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; text-indent: 1pt;"><font style="color: #000000;">0.62%</font> to <font style="color: #000000;">4.47%</font></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 31%; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); text-align: center;">1.74%</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="color: #000000;"><br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 31%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="color: rgb(0, 0, 0);">262,950</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><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">F-14</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <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; color: #000000;">The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="z15f1cda40e9e4bd8b9757151956b059e" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="9">
            <div style="text-align: center; color: #000000; font-weight: bold;">Fair Value of Derivative Assets/(Liabilities)</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-left: 17%; padding-bottom: 2px; width: 20%;">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 20%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Balance Sheet Location </font><br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 20%;">Derivatives designated as hedging instruments </td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 20%;">
            <div><br>
            </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: bottom; 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: bottom; 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" colspan="1" style="vertical-align: top; width: 20%;">Interest rate contracts &#8211; interest rate swaps </td>
          <td valign="bottom" style="vertical-align: top; width: 20%;">
            <div><br>
            </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: 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" colspan="1" style="vertical-align: top; padding-left: 17%; width: 20%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255);">
            <div>Fair value of derivative assets &#8211; current <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">6,880</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">6,824</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 17%; width: 20%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%; padding-bottom: 2px;">
            <div style="color: rgb(0, 0, 0);">&#160;Fair value of derivative assets &#8211; noncurrent</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></div>
            <div style="color: #000000;">2,760</div>
            <div></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></div>
            <div style="color: #000000;">3,136</div>
            <div></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" colspan="1" style="vertical-align: bottom; width: 20%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; 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;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">9,640</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">9,960</font></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: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" 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; padding-left: 17%; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);">&#160;Fair value of derivative liabilities &#8211; noncurrent</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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div><font style="color: #000000;">(629</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div><font style="color: #000000;">$</font></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><font style="color: #000000;">(1,505</font></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><font style="color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" class="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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">(629</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">(1,505</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The effect of these instruments on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and
      2023 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="z9136ab5c636345a0b490dce400a71b2c" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;"></td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold; text-indent: 1.5pt;">Gain/(Loss) Recognized in Other Comprehensive Income/(Loss)</div>
            <div> </div>
          </td>
          <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 22%; padding-bottom: 2px;"></td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; text-indent: 1pt; color: #000000; font-weight: bold;">Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 23%;"></td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
          <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 22%;"></td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 23%;">
            <div>&#160;</div>
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Derivatives in Cash Flow </div>
            <div><font style="font-weight: bold;">Hedging Relationships</font> <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
          <td rowspan="1" style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td rowspan="1" style="vertical-align: bottom; text-align: center; width: 22%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Location of Gain/(Loss) Reclassified </font></div>
            <div><font style="font-weight: bold;">from Accumulated Other </font></div>
            <div><font style="font-weight: bold;">Comprehensive Income into Earnings </font><br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 23%;">
            <div>Interest rate contracts <br>
            </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: bottom; 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: bottom; 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" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 22%;">&#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: bottom; 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: bottom; 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: 23%;">
            <div style="text-indent: 1pt; margin-left: 12pt; color: #000000;">Interest rate 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%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">2,949</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">(598</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td style="vertical-align: bottom; width: 1%; text-align: center;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; width: 22%; text-align: center;">
            <div>&#160;Interest expense <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%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">2,388</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">2,261</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <br>
    <div>Further information on the effect of these instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 is as follows: </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="z9d2c0789274a49f0894e89f450783a92" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Accumulated other comprehensive income, beginning balance <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">8,451</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">16,549</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Gain/(loss) recognized in Other Comprehensive Income/(Loss) <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div></div>
            <div style="color: #000000;">2,949</div>
            <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: 12%;">
            <div style="color: #000000;">(598</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: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Gain reclassified from Other Comprehensive Income/(Loss) into earnings <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 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: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">(2,388</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: 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: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">(2,261</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>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 4px;">
            <div>Accumulated other comprehensive income, ending balance <br>
            </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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="color: #000000;">9,012</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="color: #000000;">13,690</font></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 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">F-15</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <br>
    <div style="text-align: justify; color: #000000;">Of the amount recorded in Accumulated other comprehensive income as of March 31, 2024, $7.0 million was expected to be reclassified into earnings within the next twelve months.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 8, 2024, the Company terminated all of its then outstanding interest rate swap agreements and subsequently received $9.6 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Forward freight agreements, bunker swaps and EU emission allowance futures</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024, $0.9 million, $0.1 million and less than $0.1 million of collateral was pledged related to outstanding FFAs, EUA futures and bunker swaps, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024, the Company had an outstanding bunker swap agreement to purchase 700 metric tons of low sulphur fuel oil for $545 per metric ton with the contract expiring in June 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024, the Company had outstanding EUA futures to purchase 8,000 allowances with prices ranging from $60 thousand to $87 thousand per thousand allowances that will settle in December
      2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">A summary of outstanding FFAs as of March 31, 2024 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="zfeececafbc5e4debb3fc63e72d76e2af" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); width: 70%;">
            <div>&#160;</div>
            <div><font style="font-weight: bold;">FFA Period</font> <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; font-weight: bold;">Average FFA </div>
            <div style="text-align: center; font-weight: bold;">Contract Price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Number of Days </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Hedged</div>
            <div> </div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Quarter ending June 30, 2024 &#8211; Sell Positions <br>
            </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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">15,590</font></div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div></div>
            <div style="color: #000000;">225</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Quarter ending September 30, 2024 &#8211; Sell Positions <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="color: #000000;">14,270</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div></div>
            <div style="color: #000000;">75</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Quarter ending December 31, 2024 &#8211; Sell Positions <br>
            </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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">14,290</font></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: 12%; background-color: rgb(204, 238, 255);">
            <div></div>
            <div style="color: #000000;">75</div>
            <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>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" id="z39c06d79ddc44e56aa4b87cc1fcd35b5" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr>
            <td style="width: 3%; font-size: 8pt;">(1)</td>
            <td style="width: 97%; font-size: 8pt;">Presented in whole dollars.</td>
          </tr>

      </table>
    </div>
    <br>
    <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">F-16</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <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>
    <div style="text-align: justify; color: #000000;">The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z762359f5e9044a9fa8945b5783644ce1" 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: bottom; padding-bottom: 2px; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="9">
            <div style="text-align: center; color: #000000; font-weight: bold;">Fair Value of Derivative Assets/(Liabilities)</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-left: 13%; padding-bottom: 2px; width: 20%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-left: 13%; width: 20%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Balance Sheet Location</font> <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 20%;">Derivatives not designated as hedging instruments </td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 20%;">
            <div><br>
            </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: bottom; 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: bottom; 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" colspan="1" style="vertical-align: top; width: 20%;">Commodity contracts &#8211; FFAs</td>
          <td valign="bottom" style="vertical-align: top; width: 20%;">
            <div><br>
            </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: 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" colspan="1" style="vertical-align: top; padding-left: 13%; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div>Fair value of derivative assets &#8211; current <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">304</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" class="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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">304</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">&#8212;</font></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: bottom; width: 20%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; 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: #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: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 13%; width: 20%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%; padding-bottom: 2px;">
            <div>Fair value of derivative liabilities &#8211; current <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">(464</font></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><font style="color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 20%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; 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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">(464</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" 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: 20%; background-color: rgb(204, 238, 255);">Commodity contracts &#8211; Bunker swaps </td>
          <td valign="bottom" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255);">
            <div><br>
            </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: #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: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 13%; width: 20%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%; padding-bottom: 2px;">
            <div>Fair value of derivative assets &#8211; current <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">21</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">&#8212;</font></div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 20%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; 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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">21</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="color: #000000;">&#8212;</font></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: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" 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; padding-left: 13%; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div>Fair value of derivative liabilities &#8211; current <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></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><font style="color: #000000;">(14</font></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><font style="color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%;">&#160;</td>
          <td valign="bottom" class="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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">(14</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 20%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; 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: #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: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%;">Commodity contracts &#8211; EUA futures </td>
          <td valign="bottom" style="vertical-align: top; width: 20%;">
            <div><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="1" style="vertical-align: top; padding-left: 13%; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div>Fair value of derivative liabilities &#8211; current <br>
            </div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">(63</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="color: #000000;">$</font></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><font style="color: #000000;">(1</font></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><font style="color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 20%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 20%;">&#160;</td>
          <td valign="bottom" class="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><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">(63</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="color: #000000;">(1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div><font style="color: #000000;">)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The effect of these instruments on the Condensed Consolidated Statements of Operations, which is presented in Realized and unrealized (gain)/loss on derivative instruments, net for the three months
      ended March 31, 2024 and 2023 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="ze0c1d8e55def4492b16e96dedf8673ec" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">(Gain)/Loss Recognized in Earnings</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 70%;">
            <div style="color: #000000; font-weight: bold;">Derivatives not designated as hedging instruments</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
            <div> </div>
            <div style="color: rgb(0, 0, 0); font-weight: bold;">March 31, 2024</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
            <div> </div>
            <div style="color: rgb(0, 0, 0); font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 70%;">
            <div>Commodity contracts <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: 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" 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" style="vertical-align: bottom; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">FFAs &#8211; realized (gain)/loss</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">(247</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">142</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Bunker swaps &#8211; realized loss/(gain)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">11</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(9</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: 70%; padding-bottom: 2px;">
            <div style="margin-left: 6pt; color: #000000;">EUA futures &#8211; realized loss</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(236</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">133</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">FFAs &#8211; unrealized (gain)/loss</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(746</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">233</div>
            <div></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: 70%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Bunker swaps &#8211; unrealized (gain)/loss</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(35</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div style="margin-left: 6pt; color: #000000;">EUA futures &#8211; unrealized loss</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">62</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(719</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">236</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 4px;">
            <div>Realized and unrealized (gain)/loss on derivative instruments, net <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">(955</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">369</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-17</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div style="font-weight: bold;">Note 6. <font style="color: #000000;">Stockholders&#8217; Equity</font></div>
    <div><br>
    </div>
    <div><font style="font-style: italic;">Shareholder Rights Agreement </font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On June 22, 2023, the Company entered into a Rights Agreement (the &#8220;Rights Agreement&#8221;) with Computershare Trust Company, N.A., a national banking corporation, as rights agent. In connection therewith,
      the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) declared a dividend of one preferred share purchase right (&#8220;Right&#8221;) for each outstanding share of the Company&#8217;s Common Stock, $0.01 par value. The dividend was payable on July 3, 2023 to shareholders of
      record as of the close of business on such date (the &#8220;Right Record Date&#8221;). In addition, one Right automatically attached to each share of Common Stock issued between the Right Record Date and the date when the Rights become exercisable. The Rights
      were to expire at the earlier of (i) 5:00 P.M., New York City time, on the third anniversary of the date of the declaration of the dividend of Rights and (ii) 5:00 P.M., New York City time, on the first anniversary of the date of the declaration of
      the dividend of Rights if Shareholder Approval (as defined in the Rights Agreement) had not been received prior to such time, unless such date was advanced or extended or unless the Rights were earlier redeemed or exchanged by the Board.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Each Right allowed its holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, $0.01 par value (&#8220;Preferred Shares&#8221;), for $180.00, subject to
      adjustment under certain conditions, once the Rights become exercisable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Each one one-thousandth of a Preferred Share, if issued:</div>
    <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;">

          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">
              <div style="text-align: justify;">&#9679;</div>
            </td>
            <td style="width: 94%; vertical-align: top;">
              <div style="text-align: justify;">would not be redeemable;</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 94%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">
              <div style="text-align: justify;">&#9679;</div>
            </td>
            <td style="width: 94%; vertical-align: top;">
              <div style="text-align: justify;">would entitle the holder to quarterly dividend payments equal to the dividend paid on one share of Common Stock;</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 94%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#9679; <br>
            </td>
            <td style="width: 94%; vertical-align: top;" rowspan="1">would entitle the holder upon liquidation to receive either $1.00 or an amount equal to the payment made on one share of Common Stock;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 94%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#9679;</td>
            <td style="width: 94%; vertical-align: top;" rowspan="1">would have one vote and vote together with the Common Stock, except as required by law; and</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 94%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#9679;</td>
            <td style="width: 94%; vertical-align: top;" rowspan="1">if shares of Common Stock were exchanged via merger, consolidation or a similar transaction, would entitle the holder to a payment equal to the payment made on one share of Common Stock.</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Rights would not be exercisable until:</div>
    <div>
      <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;">

            <tr>
              <td colspan="1" style="width: 2.99%; vertical-align: top;">&#160;</td>
              <td style="width: 2.99%; vertical-align: top;">
                <div style="text-align: justify;">&#9679;</div>
              </td>
              <td style="width: 93.96%; vertical-align: top;">
                <div style="text-align: justify;">10 business days after the public announcement that a person or group became an &#8220;Acquiring Person&#8221; by obtaining beneficial ownership of 15% or more of the outstanding Common Stock, or, if earlier;</div>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 2.99%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 2.99%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 93.96%; vertical-align: top;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 2.99%; vertical-align: top;">&#160;</td>
              <td style="width: 2.99%; vertical-align: top;">
                <div style="text-align: justify;">&#9679;</div>
              </td>
              <td style="width: 93.96%; vertical-align: top;">
                <div style="text-align: justify;">10 business days (or a later date determined by the Board before any person or group became an Acquiring Person) after a person or group Commences (as defined in the Rights Agreement) a tender or exchange
                  offer which, if completed, were to have resulted in that person or group becoming an Acquiring Person.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; color: #000000;">On December 10, 2023, the Board approved an amendment (the &#8220;Rights Agreement Amendment&#8221;) to the Rights Agreement. The Rights Agreement Amendment prevents the approval, execution, delivery or performance
      of the Merger Agreement, the Voting Agreements (as defined in the Merger Agreement), or the consummation of the Merger, from, among other things (i) resulting in Star Bulk being an Acquiring Person (as defined in the Rights Agreement) or (ii)
      resulting in the occurrence of a Distribution Date (as defined in the Rights Agreement) or a Shares Acquisition Date (as defined in the Rights Agreement). The Rights Agreement Amendment also exempts the transactions contemplated by the Merger
      Agreement and the Voting Agreements (as defined in the Merger Agreement) from the provisions of the Right Agreement relating to a Qualifying Offer (as defined in the Rights Agreement). The Rights Agreement Amendment further provides that the Rights
      (as defined in the Rights Agreement) will expire in their entirety immediately prior to the effective time of the Merger without any payment being made in respect thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In connection with the consummation of the Merger on April 9, 2024, immediately prior to the Effective Time, the Rights expired in their entirety without any payment being made in respect thereof.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-18</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Common Stock Repurchase Program</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On October 4, 2021, the Company announced a share repurchase program under which the Company may purchase up to $50.0 million of the Company&#8217;s Common Stock. The timing, volume and nature of transactions
      under this program will be at the Board&#8217;s discretion and may be made through open market transactions or privately negotiated transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. This program has no expiration date
      and may be suspended or terminated by the Company at any time without prior notice. As of March 31, 2024, no shares have been repurchased under this program.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Following the completion of the Merger, the Company&#8217;s share repurchase program was terminated.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Dividends</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On March 1, 2024, the Board declared a cash dividend of $0.60 per share to be paid on March 21, 2024 to shareholders of record at the close of business on March 13, 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">During the three months ended March 31, 2024, the Company paid $6.8 million in dividends.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Note 7. <font style="color: #000000;">Fair Value Measurements</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The following methods and assumptions were used to estimate the fair value of each class of financial instrument:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Cash, cash equivalents and restricted cash&#8212;</font>Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their highly
      liquid and short-term nature.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Collateral on derivatives&#8212;</font>Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their short-term nature.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Derivative assets and liabilities&#8212;</font>The fair values of derivative assets and liabilities, which include interest rate swaps, FFAs and bunker swaps, are estimated
      using observable inputs for similar instruments as of the measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Long-term Debt</font>&#8212;The fair value of Convertible Bond Debt, which is traded in the over-the-counter market, is estimated based on quoted prices in markets that are
      not active on identical instruments. The carrying amount of the Term Facility under the Global Ultraco Debt Facility approximates its fair value, due to its variable interest rates.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The carrying values of other financial assets and liabilities (primarily accounts receivable, accounts payable and other accrued expenses) approximate their fair value due to their relative short-term
      nature.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value
      measurements is as follows:</div>
    <br>
    <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;">

            <tr>
              <td colspan="1" style="width: 2.99%; vertical-align: top;">&#160;</td>
              <td style="width: 2.99%; vertical-align: top;">
                <div style="text-align: justify;">&#9679;</div>
              </td>
              <td style="width: 93.96%; vertical-align: top;">Level 1 &#8211; Quoted prices in active markets for identical assets or liabilities.</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 2.99%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 2.99%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 93.96%; vertical-align: top;" rowspan="1"><br>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 2.99%; vertical-align: top;">&#160;</td>
              <td style="width: 2.99%; vertical-align: top;">
                <div style="text-align: justify;">&#9679;</div>
              </td>
              <td style="width: 93.96%; vertical-align: top;">Level 2 &#8211; Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active or other observable inputs.</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 2.99%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 2.99%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 93.96%; vertical-align: top;" rowspan="1"><br>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 2.99%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 2.99%; vertical-align: top;" rowspan="1">&#9679; <br>
              </td>
              <td style="width: 93.96%; vertical-align: top;" rowspan="1">Level 3 &#8211; Inputs that are unobservable.</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-19</font></div>
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
  </div>
  <div><br>
    <div></div>
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            <div style="text-align: center; color: #000000; font-weight: bold;">Fair Value</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 55%;">
            <div><font style="font-weight: bold;">March 31, 2024</font> <br>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <div> </div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 55%;">
            <div>Assets <br>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: 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" 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" 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>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div style="margin-left: 6pt; color: #000000;">Cash, cash equivalents and restricted cash</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">109,227</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">109,227</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">&#8212;</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6.75pt; color: #000000;">Collateral on derivatives</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">969</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">969</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div style="margin-left: 6.75pt; color: #000000;">Fair value of derivative assets &#8211; current</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">7,205</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">7,205</div>
            <div></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: 55%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6.75pt; color: #000000;">Fair value of derivative assets &#8211; noncurrent</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,760</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,760</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div>Liabilities <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6.75pt;">Global Ultraco Debt Facility &#8211; Term Facility<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">250,500</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">250,500</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div style="margin-left: 6.75pt;">Global Ultraco Debt Facility &#8211; Revolving Facility<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">125,000</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">125,000</div>
            <div></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: 55%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6.75pt;">Convertible Bond Debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">69,369</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">137,767</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div style="margin-left: 6.75pt; color: #000000;">Fair value of derivative liabilities &#8211; current</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">63</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">63</div>
            <div></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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    <br>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 55%;">&#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; padding-bottom: 2px;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Fair Value</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 55%;">
            <div><font style="font-weight: bold;">December 31, 2023</font> <br>
            </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Carrying Value</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Level 1</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Level 2</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 55%;">
            <div>Assets <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: 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" 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" 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" style="vertical-align: bottom; width: 55%;">
            <div style="margin-left: 6.75pt; color: #000000;">Cash, cash equivalents and restricted cash</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">121,190</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">121,190</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6.75pt; color: #000000;">Collateral on derivatives</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,219</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,219</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div style="margin-left: 6.75pt; color: #000000;">Fair value of derivative assets &#8211; current</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">6,824</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">6,824</div>
            <div></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: 55%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6.75pt; color: #000000;">Fair value of derivative assets &#8211; noncurrent</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,136</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,136</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div>Liabilities <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6.75pt;">Global Ultraco Debt Facility &#8211; Term Facility <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">262,950</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">262,950</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div style="margin-left: 6.75pt;">Global Ultraco Debt Facility &#8211; Revolving Facility <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">125,000</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">125,000</div>
            <div></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: 55%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6.75pt;">Convertible Bond Debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">104,119</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">181,542</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div style="margin-left: 6.75pt; color: #000000;">Fair value of derivative liabilities &#8211; current</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">479</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">479</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;" id="za0f2afa7c4a948fb82c2241c06c6807e">

          <tr>
            <td style="width: 3%; font-size: 8pt;">(1)</td>
            <td style="width: 97%; font-size: 8pt;">Carrying value represents outstanding principal amount and excludes debt discounts and debt issuance costs.</td>
          </tr>
          <tr>
            <td style="width: 3%; font-size: 8pt;">(2)</td>
            <td style="width: 97%; font-size: 8pt;">Fair value is based on pricing data (including observable trade information) sourced from Bloomberg.com.</td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Note 8. Commitments and Contingencies</div>
    <div><br>
    </div>
    <div style="color: #000000; font-style: italic;">Legal Proceedings</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business, principally personal injury and property casualty claims.
      Generally, we expect that such claims would be covered by insurance, subject to customary deductibles. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity,
      results of operations, financial condition or cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Certain routine commercial claims have been asserted against the Company that relate to contractual disputes with certain of our charterers. The nature of these disputes involve disagreements over
      losses claimed by charterers during or as a result of the performance of certain voyage charters, including but not limited to delays in the performance of the charters and off-hire during the charters. The related legal proceedings are at various
      stages of resolution.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-20</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In March 2021, the U.S. government began investigating an allegation that one of the Company&#8217;s vessels may have improperly disposed of ballast water that entered the engine room bilges during a repair.
      The investigation of this alleged violation of environmental laws is ongoing, but at this time we do not believe that this matter will have a material impact on the Company, our financial condition or results of operations. We have posted a surety
      bond as security for any potential fines, penalties or associated costs that may be incurred, and the Company is cooperating fully with the U.S. government in its investigation of this matter.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">We have not been involved in any legal proceedings, other than as disclosed above, which we believe may have, or have had, a significant effect on our business, financial position, results of operations
      or liquidity, nor are we aware of any proceedings that are pending or threatened, other than as described above, which we believe may have a significant effect on our business, financial position and results of operations or liquidity. However, these
      proceedings, even if lacking merit, could result in the expenditure of significant financial and managerial resources.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In accordance with U.S. GAAP, the Company accrues for contingent liabilities when it is probable that such a liability has been incurred and the amount of loss can be reasonably estimated. The Company
      evaluates its outstanding legal proceedings each quarter to assess its contingent liabilities and adjusts such liabilities, as appropriate, based on management&#8217;s best judgment after consultation with counsel. The Company reversed $0.8 million in
      costs associated with contingent liabilities for the three months ended March 31, 2024 and incurred $0.3 million in costs associated with contingent liabilities for the three months ended March 31, 2023, respectively. There is no assurance that the
      Company&#8217;s contingent liabilities will not need to be adjusted in the future.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"><font style="color: #000000;">Note 9</font>. <font style="color: #000000;">Leases</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company has two primary types of contracts that are accounted for as leases: time charter agreements and office lease agreements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Time charter-out contracts</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Time charter-out contracts are accounted for as operating leases. The Company records revenue generated from time charter-out contracts on a straight-line basis over the term of the related time charter
      agreement as Revenues, net in the Condensed Consolidated Statements of Operations. See Note 10. Revenue, for additional information.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">A summary of lease payments expected to be received on fixed time charter-out contracts, net of commission, assuming no off-hire days, other than those related to scheduled interim or special surveys of
      the related vessel and excluding any voyage expenses associated with such contracts, as of March 31, 2024 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z68a12bff6a704ec2956ebb9bd7ed0568" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 85%;">
            <div><font style="font-weight: bold;">Year: </font><br>
            </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="3" rowspan="1">
            <div style="text-align: center; color: #000000; font-weight: bold;">Time Charter-Out Contracts</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 85%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Remainder of 2024</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">19,579</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 85%;">
            <div style="color: #000000;">2025</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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: 85%; background-color: rgb(204, 238, 255);">
            <div>2026 <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 85%;">
            <div>2027 <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></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: 85%; background-color: rgb(204, 238, 255);">
            <div>2028 <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 85%; padding-bottom: 2px;">
            <div>Thereafter <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">19,579</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Time charter-in contracts</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Time charter-in contracts are accounted for as operating leases. The Company records operating lease cost for time charter-in contracts as Charter hire expenses in the Condensed Consolidated Statements
      of Operations on a straight-line basis over the lease term. Due to the volatility of freight rates, the Company generally concludes that it is not reasonably certain to exercise any options to extend the lease term at lease commencement.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-21</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">A summary of time-charter-in contracts with lease terms greater than twelve months outstanding as of March 31, 2024 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z41d0892ee83243df9fdf08656274574d" style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 13.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;">
            <div>&#160;</div>
            <div>Vessel <br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: bottom; font-weight: bold; text-align: center;">&#160;</td>
          <td style="width: 13.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;">
            <div>&#160;</div>
            <div>Description <br>
            </div>
          </td>
          <td style="width: 0.78%; vertical-align: bottom; font-weight: bold; text-align: center;">&#160;</td>
          <td style="width: 13.88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;">
            <div style="color: rgb(0, 0, 0);">&#160;Dwt</div>
            <div>(in thousands) <br>
            </div>
          </td>
          <td style="width: 0.78%; vertical-align: bottom; font-weight: bold; text-align: center;">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;">
            <div>Hire Rate <br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: bottom; font-weight: bold; text-align: center;">&#160;</td>
          <td style="width: 13.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;">
            <div>End of Minimum Period <br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: bottom; font-weight: bold; text-align: center;">&#160;</td>
          <td style="width: 24.96%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;">
            <div>&#160;</div>
            <div>Available Options <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.57%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="color: rgb(0, 0, 0); text-align: left;">Tai Stamina</div>
            <br>
          </td>
          <td style="width: 0.62%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.57%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
            <div>2021-built Ultramax<br>
            </div>
          </td>
          <td style="width: 0.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.88%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
            <div>&#160;64.5<br>
            </div>
          </td>
          <td style="width: 0.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
            <div>&#160;<font style="color: rgb(0, 0, 0);">$6,300</font> plus <font style="color: rgb(0, 0, 0);">58%</font> of the BSI<br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.57%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
            <div>&#160;July 2024 <br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24.96%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
            <div><font style="color: rgb(0, 0, 0);">10</font> to <font style="color: rgb(0, 0, 0);">12</font> months at <font style="color: rgb(0, 0, 0);">$7,500</font> plus <font style="color: rgb(0, 0, 0);">58%</font> of the BSI <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.57%; vertical-align: top; text-align: center;">
            <div style="text-align: left;">Tai Star <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 0.62%; vertical-align: top;">&#160;</td>
          <td style="width: 13.57%; vertical-align: top;">
            <div>2016-built Ultramax<br>
            </div>
          </td>
          <td style="width: 0.78%; vertical-align: top;">&#160;</td>
          <td style="width: 13.88%; vertical-align: top; text-align: center;">
            <div>&#160;62.5<br>
            </div>
          </td>
          <td style="width: 0.78%; vertical-align: top;">&#160;</td>
          <td style="width: 17%; vertical-align: top; text-align: center;">
            <div>&#160;$17,500 / $16,888 <br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: top;">&#160;</td>
          <td style="width: 13.57%; vertical-align: top; text-align: center;">
            <div>&#160;April 2025 <br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: top;">&#160;</td>
          <td style="width: 24.96%; vertical-align: top; text-align: center;">
            <div><font style="color: rgb(0, 0, 0);">11</font> to <font style="color: rgb(0, 0, 0);">13</font> months at <font style="color: rgb(0, 0, 0);">$18,888</font> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.57%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">
            <div style="text-align: left;">Tai Stride <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 0.62%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.57%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>2022-built Ultramax <br>
            </div>
          </td>
          <td style="width: 0.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.88%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">
            <div>&#160;64.5 <br>
            </div>
          </td>
          <td style="width: 0.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">
            <div>&#160;<font style="color: rgb(0, 0, 0);">$8,500</font> plus <font style="color: rgb(0, 0, 0);">58.0%</font> of the BSI<br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.57%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">
            <div>&#160;March 2025 <br>
            </div>
          </td>
          <td style="width: 0.62%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24.96%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">
            <div><font style="color: rgb(0, 0, 0);">11</font> to <font style="color: rgb(0, 0, 0);">13</font> months at <font style="color: rgb(0, 0, 0);">$9,500</font> plus <font style="color: rgb(0, 0, 0);">58.0%</font> of the BSI <br>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;" id="zcf458163ec4545a485ce5290e231f536">

          <tr>
            <td style="width: 3%; font-size: 8pt; text-align: left; vertical-align: top;">(1)</td>
            <td style="width: 97%; font-size: 8pt; text-align: left; vertical-align: top;">On March 23, 2024, the Company amended the time charter agreement for the Tai Star, which set the hire rate for an initial period of 12 to 14 months beginning April
              17, 2024 at $16,888 per day with an option to extend for a period of 11 to 13 months at $18,888 per day.</td>
          </tr>
          <tr>
            <td style="width: 3%; font-size: 8pt; text-align: left; vertical-align: top;">(2)</td>
            <td style="width: 97%; font-size: 8pt; text-align: left; vertical-align: top;">On March 1, 2024, the Company amended the time charter agreement for the Tai Stride, which set the hire rate for an initial period of 12 to 14 months beginning March
              18, 2024 at $8,500 plus 58% of the BSI per day with an option to extend for a period of 11 to 13 months at $9,500 plus 58% of the BSI per day.</td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: justify; color: #000000; font-style: italic;">Office leases</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Office leases are accounted for as operating leases. The Company records operating lease cost for office leases as General and administrative expenses in the Condensed Consolidated Statements of
      Operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">A summary of Operating lease right-of-use assets and operating lease liabilities balances, by asset type, and certain additional quantitative information related to the Company&#8217;s operating leases as of
      March 31, 2024 and December 31, 2023 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="ze8be2de35bc3414098c73c290aa324b1" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 70%;">
            <div>Operating lease right-of-use assets <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: 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" 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>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">Time charter-in contracts greater than 12 months</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">12,361</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">4,810</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Office leases</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,228</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,372</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">14,589</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">7,182</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Current portion of operating lease liabilities <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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" style="vertical-align: top; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">Time charter-in contracts greater than 12 months</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">12,218</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">5,405</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Office leases</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">753</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">748</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">12,971</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">6,153</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Noncurrent portion of operating lease liabilities <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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" style="vertical-align: top; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">Time charter-in contracts greater than 12 months</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">329</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Office leases</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,387</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,576</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">2,716</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">2,576</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Weighted average remaining lease term (in years) <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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" style="vertical-align: top; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">Time charter-in contracts greater than 12 months</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1.0</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">0.4</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Office leases</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">4.2</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">4.4</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Weighted average discount rate <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Time charter-in contracts greater than 12 months</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">6.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">%</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">6.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">Office leases</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">7.3</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">%</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">7.2</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
            <div><font style="color: #000000;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
      <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-22</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div style="text-align: justify; color: #000000;">A summary of the components of the Company&#8217;s lease expenses and sub-lease income for the three months ended March 31, 2024 and 2023 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z98eac7fec10e49d19be262cb9f5db86f" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 70%;">&#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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 70%;">
            <div>Operating lease cost <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: 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" 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" style="vertical-align: top; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">Time charter-in contracts greater than 12 months</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">3,753</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">6,112</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Office leases</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">183</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">214</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div>Short-term lease cost <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; color: #000000;">Time charter-in contracts less than 12 months</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,158</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">6,307</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div>Total lease cost <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">5,094</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">12,633</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div>Sublease income, gross <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt;">Time charter-in contracts greater than 12 months <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,622</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">6,416</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">

            <tr>
              <td style="width: 4%; font-size: 8pt; text-align: left; vertical-align: top;">(1)</td>
              <td style="width: 96%; font-size: 8pt; text-align: left; vertical-align: top;">Sublease income on time charter-in contracts is recorded in Revenues, net on the Condensed Consolidated Statements of Operations.</td>
            </tr>

        </table>
      </div>
    </div>
    <br>
    <div style="text-align: justify; color: #000000;">A summary of cash flow information related to the Company&#8217;s leases for the three months ended March 31, 2024 and 2023 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="za70cf119b3674626bf2405aa40c974fd" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 70%;">&#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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Cash paid for operating leases with lease terms greater than 12 months <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">4,399</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">7,310</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Non-cash activities <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; 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>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="margin-left: 6pt; color: #000000;">Operating lease right-of-use assets obtained in exchange for lease liabilities</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">10,938</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">9,187</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">A summary of total lease payments on an undiscounted basis for operating lease liabilities, by asset type, as of March 31, 2024 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z73a2fbcb4a9042aa99a191187a6095d6" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 55%;">&#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: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div style="text-align: center; color: #000000; font-weight: bold;">Time charter-in </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">contracts greater </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">than 12 months</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Office leases</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Operating </div>
            <div style="color: rgb(0, 0, 0); font-weight: bold;">leases</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 55%;">
            <div><font style="font-weight: bold;">Year:</font> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: 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" 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" 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>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div>Remainder of 2024 <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">9,878</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">675</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">10,553</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);">
            <div>2025 <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">2,985</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">909</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,894</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div>2026 <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">922</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">922</div>
            <div></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: 55%; background-color: rgb(204, 238, 255);">
            <div>2027 <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">638</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">638</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">
            <div>2028 <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">577</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">577</div>
            <div></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: 55%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Thereafter <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">12,863</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">3,721</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">16,584</div>
            <div></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: 55%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Implied interest <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(316</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(581</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="color: #000000;">(897</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
            <div style="color: #000000;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 55%; padding-bottom: 4px;">
            <div>Total operating lease liabilities <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">12,547</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">3,140</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">15,687</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-23</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><font style="color: #000000;">Note 10</font>. <font style="color: #000000;">Revenue</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Voyage charters</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration
      in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or
      &#8220;dead&#8221; freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a &#8220;demurrage&#8221; or &#8220;despatch&#8221; clause. As per this clause, the charterer
      reimburses the Company for any potential delays exceeding the allowed laytime at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed
      laytime known as despatch, resulting in a reduction in revenue.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The voyage contracts are considered service contracts which fall under the provisions of ASC 606, <font style="font-style: italic;">Revenue Recognition</font>, because the Company, as the shipowner,
      retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage,
      net of despatch incurred, for the three months ended March 31, 2024 was $1.2 million and $1.2 million, respectively. The amount of revenue earned as demurrage, net of despatch incurred, for the three months ended March 31, 2023 was $1.6 million and
      $1.6 million, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The following table shows the revenues earned from time charters and voyage charters for the three months ended March 31, 2024 and 2023:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z74229d5b46fc43db9aac74ee02f34b81" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Time charters <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">57,049</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">50,094</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">
            <div>Voyage charters <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">36,866</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">55,104</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">93,915</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">105,198</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;" id="z5198c05de35940819070dc100a59f23d">

          <tr>
            <td style="width: 3%; font-size: 8pt;">(1)</td>
            <td style="width: 97%;">
              <div style="font-size: 8pt;"><font style="color: #000000;">See Note 9</font><font style="font-weight: bold; color: #000000;">.</font><font style="color: #000000;"> Leases, for a description of revenues earned from time charters.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: justify; color: #000000; font-style: italic;">Contract costs</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. Costs directly related to a contract that are incurred prior to commencement of
      loading cargo, primarily bunkers, are recognized as an asset and are expensed on a straight-line basis as the related performance obligation is satisfied. As of March 31, 2024 and December 31, 2023, the Company recorded $0.3 million and $0.4 million,
      respectively, of contract fulfillment costs in Other current assets in the Condensed Consolidated Balance Sheets.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Note 11. <font style="color: #000000;">Stock Incentive Plans</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On December 15, 2016, the Company&#8217;s shareholders approved the Eagle Bulk Shipping Inc. 2016 Equity Compensation Plan (the &#8220;2016 Plan&#8221;) and the Company registered 764,087 shares of common stock for
      potential issuance under the 2016 Plan. On June 7, 2019, the Company&#8217;s shareholders approved an amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 357,142 shares to a maximum
      of 1,121,229 shares of common stock. On June 14, 2022, the Company&#8217;s shareholders approved a second amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 300,000 shares to a
      maximum of 1,421,229 shares of common stock. The 2016 Plan permitted the granting of restricted stock, unrestricted stock, restricted stock units (&#8220;RSUs&#8221;), performance condition awards, incentive stock options, non-qualified stock options, stock
      appreciation rights, dividend equivalents and other equity-based or equity-related awards (collectively, &#8220;Awards&#8221;).</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-24</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As a result of the consummation of the Merger, on April 9, 2024, the Company removed from registration all shares of common stock not yet issued under the 2016 Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">A summary of restricted stock and RSU activity under the 2016 Plan for the three months ended March 31, 2024 is as follows:</div>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 55%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Number of <br>
                Restricted Shares </div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">and RSUs</div>
            </td>
            <td style="vertical-align: bottom; padding-bottom: 2px; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Weighted Average <br>
                Grant Date Fair </div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Value</div>
            </td>
            <td style="vertical-align: bottom; padding-bottom: 2px; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; font-weight: bold;" colspan="3" rowspan="1">
              <div>Aggregate Fair </div>
              <div>Value (in millions)&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);">Unvested awards as of December 31, 2023</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">271,939</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell"><font style="color: #000000;">$</font> <br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell"><font style="color: #000000;">50.26</font></td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 55%;">
              <div style="margin-left: 9pt">Granted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">41,674</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell"><font style="color: #000000;">$</font></td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell"><font style="color: #000000;">61.31</font></td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell"><br>
            </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: 55%; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 9pt">Vested</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">(73,854</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">)<br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell"><font style="color: #000000;">$</font> <br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell"><font style="color: #000000;">51.43</font></td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 55%; padding-bottom: 2px;">
              <div style="margin-left: 9pt">Forfeited</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">(82</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">)<br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell"><font style="color: #000000;">$</font> <br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; padding-bottom: 2px;" colspan="1" class="cftnumcell"><font style="color: #000000;">61.00</font></td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; padding-bottom: 2px;" colspan="1" class="cftnumcell"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: #000000;"><br>
              </div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 55%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">Unvested awards as of March 31, 2024</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div><font style="color: #000000;">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">239,677</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftcurrcell">
              <div><font style="color: #000000;">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftnumcell"><font style="color: #000000;">51.82</font></td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftcurrcell">
              <div><font style="color: #000000;">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftnumcell"><font style="color: #000000;">15.0</font></td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <br>
    </div>
    <div style="text-align: justify; color: #000000;">The fair value as of the respective vesting dates of restricted stock and RSUs for the three months ended March 31, 2024 was $4.1 million. The majority of restricted stock and RSUs that vested during
      the three months ended March 31, 2024 were net share settled. For the three months ended March 31, 2024, 23 thousand shares were withheld by the Company and $1.2 million was paid to taxing authorities for employee tax obligations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of March 31, 2024 and December 31, 2023, there were no vested or unvested options outstanding under the 2016 Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Stock-based compensation expense for all stock awards, units and options included in General and administrative expenses is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z7469c7bb8ead49c798071f745b834fb7" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </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="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Stock-based compensation expense <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,792</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">1,855</font></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="text-align: justify; color: #000000;">Stock-based compensation expense related to unvested awards yet to be recognized as of March 31, 2024 totaled $6.2 million and is expected to be recognized, on a weighted average basis, over 2.0 years.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Note 12. <font style="color: #000000;">Supplemental Cash Flow Information</font></font> </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Cash paid for interest for the three months ended March 31, 2024 and 2023 totaled $10.6 million and $6.9 million, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Cash received from interest rate swap agreements for the three months ended March 31, 2024 and 2023 totaled $2.4 million and $2.3 million, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">A summary of non-cash investing and financing activities for the three months ended March 31, 2024 and 2023 is as follows:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zc6d6bb8d7f3b4a2dbdc4d4da75f42d3a" class="cfttable">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 70%;">&#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="7" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2024</div>
            <div> </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div> </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31, 2023</div>
            <div> </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%; background-color: rgb(204, 238, 255);">
            <div>Convertible Bond Debt converted into Common Stock <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">34,750</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
            <div><font style="color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div><font style="color: #000000;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Accruals for dividends payable <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">144</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">1,639</div>
            <div></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: 70%; background-color: rgb(204, 238, 255);">
            <div>Accruals for the purchase of vessels and vessel improvements <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">83</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">&#8212;</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 70%;">
            <div>Accruals and accounts payable for the purchase of BWTS <br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">15</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
            <div></div>
            <div style="color: #000000;">420</div>
            <div></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-25</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div></div>
    <div style="color: #000000; font-weight: bold;">Note 13. Subsequent Events</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Merger</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">At the Effective Time, each share of the Company&#8217;s common stock (excluding shares held by the Company, Star Bulk, Merger Sub or any of their respective direct or indirect wholly-owned subsidiaries) were
      converted into the right to receive 2.6211 validly issued, fully paid and non-assessable shares of common stock of Star Bulk (the &#8220;Exchange Ratio&#8221;) (and, if applicable, cash in lieu of fractional shares) (the &#8220;Merger Consideration&#8221;), less any
      applicable withholding taxes.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">At the Effective Time, each unvested restricted share and performance-based restricted share was cancelled and converted into restricted shares of Star Bulk with respect to a number of shares of Star
      Bulk common stock equal to the number of shares of the Company&#8217;s common stock subject to such restricted shares or performance-based restricted shares immediately prior to the Effective Time multiplied by the Exchange Ratio. At the Effective Time,
      each unvested RSU and performance-based RSU was cancelled and converted into an RSU of Star Bulk with respect to a number of shares of Star Bulk common stock equal to the number of shares of the Company&#8217;s common stock subject to such RSUs immediately
      prior to the Effective Time multiplied by the Exchange Ratio. The converted awards are subject to the same terms and conditions as were applicable to such awards immediately prior to the Effective Time, except the form of payment upon vesting will be
      Star Bulk common stock rather than the Company&#8217;s common stock and any converted performance-based restricted shares and performance-based RSUs are no longer subject to performance-based vesting conditions and are subject only to time-based vesting
      conditions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Derivative Instruments</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 8, 2024, the Company terminated all of its then outstanding interest rate swap agreements and subsequently received $9.6 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Vessels</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In April 2024, the Company signed a memorandum of agreement to sell the vessel Crowned Eagle (a 2009-built Supramax) for total consideration of $16.3 million. The Crowned Eagle is expected to be
      delivered to the buyer in the second quarter of 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Debt</font>&#8212;<font style="font-style: italic;">Convertible Bond Debt</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In connection with the consummation of the Merger, the Company, Star Bulk and the Trustee entered into the Supplemental Indenture, which amends and supplements the Base Indenture, governing the
      Convertible Bond Debt. The Supplemental Indenture was entered into to provide for a change in the conversion right of the Convertible Bond Debt resulting from the Merger and a guarantee of the obligations under the Convertible Bond Debt by Star Bulk.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Supplemental Indenture provides that, among other things, from and after the Effective Time, the right to convert each $1,000 principal amount of Convertible Bond Debt into shares of the Company&#8217;s
      Common Stock will be changed into a right to convert such principal amount of Convertible Bond Debt into the kind and amount of shares of Star Bulk common stock that a holder of a number of shares of the Company&#8217;s Common Stock equal to the conversion
      rate immediately prior to the Effective Time would have been entitled to receive at the Effective Time. Accordingly, from and after the Effective Time, each $1,000 principal amount of Convertible Bond Debt will be convertible at a conversion rate
      equal to 83.6702 shares of Star Bulk common stock, subject to the terms and conditions of the Indenture.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-26</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify;">Pursuant to the Supplemental Indenture, Star Bulk fully and unconditionally guaranteed the Company&#8217;s obligations under the Convertible Bond Debt with respect to, among other things, the due and punctual payment of the
      principal of and interest on the Convertible Bond Debt and the payment or delivery of amounts due in respect of the Company&#8217;s conversion obligation. </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 30, 2024, the Company issued a Notice of Physical Settlement to all holders of Convertible Bond Debt, which confirmed that all conversions of Convertible Bond Debt that occur on or after May 1,
      2024 will be settled in shares of Star Bulk common stock in accordance with the Physical Settlement Method (as defined within the Indenture).</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Debt&#8212;Global Ultraco Debt Facility</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 10, 2024, Star Bulk entered into a loan agreement with ABN AMRO Bank N.V. (the &#8220;ABN AMRO Loan&#8221;) for a loan amount of up to $94.1 million. The full amount of the loan was drawn by Star Bulk on
      April 12, 2024 and was used to repay amounts outstanding under the Term Facility and Revolving Facility. The ABN AMRO Loan is guaranteed by certain of the Company&#8217;s ship-owning subsidiaries and is secured by first priority mortgages on the vessels
      Copenhagen Eagle, Crane, Gibraltar Eagle, Greenwich Eagle, Hong Kong Eagle, Helsinki Eagle, Ibis Bulker, Mystic Eagle, Nighthawk, Puffin Bulker, Stamford Eagle and Westport Eagle.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 10, 2024, Star Bulk entered into a loan agreement with DNB Bank ASA (the &#8220;DNB Loan&#8221;) for a loan amount of up to $100.0 million. The full amount of the loan was drawn by Star Bulk on April 12,
      2024 and was used to repay amounts outstanding under the Term Facility and Revolving Facility. The DNB Loan is guaranteed by certain of the Company&#8217;s ship-owning subsidiaries and is secured by first priority mortgages on the vessels Crowned Eagle,
      Gannet Bulker, Grebe Bulker, Halifax Eagle, Hamburg Eagle, Imperial Eagle, Kingfisher, Owl, Santos Eagle, Singapore Eagle, Southport Eagle, Stockholm Eagle and Valencia Eagle.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 10, 2024, Star Bulk entered into a loan agreement with ING Bank N.V., London Branch (the &#8220;ING Loan&#8221;) for a loan amount of up to $94.0 million. The full amount of the loan was drawn by Star Bulk
      on April 12, 2024 and was used to repay amounts outstanding under the Term Facility and Revolving Facility. The ING Loan is guaranteed by certain of the Company&#8217;s ship-owning subsidiaries and is secured by first priority mortgages on the vessels
      Dublin Eagle, Egret Bulker, Groton Eagle, Jay, New London Eagle, Oriole, Oslo Eagle, Roadrunner Bulker, Rotterdam Eagle, Rowayton Eagle, Sandpiper Bulker and Shanghai Eagle.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 11, 2024, the Company repaid $75.0 million of debt outstanding under the Term Facility using cash on hand and Star Bulk contributed an additional $44.0 million towards the partial repayment of
      debt outstanding under the Term Facility, as a result of which, the vessels Antwerp Eagle, Bittern, Canary, Cape Town Eagle, Fairfield Eagle, Golden Eagle, Madison Eagle, Martin, Petrel Bulker, Stonington Eagle, Sydney Eagle, Tokyo Eagle and
      Vancouver Eagle were released from their respective mortgages under the Global Ultraco Debt Facility and the guarantees of the Company&#8217;s related ship-owning subsidiaries were released.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">On April 22, 2024, Star Bulk entered into a loan agreement with E.SUN commercial Bank Ltd. (the &#8220;E.SUN Loan&#8221;) for a loan amount of up to $100.0 million. The full amount of the loan was drawn by Star
      Bulk on April 23, 2024. The E.SUN Loan is guaranteed by certain of the Company&#8217;s ship-owning subsidiaries and is secured by first priority mortgages on the vessels Antwerp Eagle, Bittern, Canary, Cape Town Eagle, Fairfield Eagle, Golden Eagle,
      Madison Eagle, Martin, Petrel Bulker, Stonington Eagle, Sydney Eagle, Tokyo Eagle and Vancouver Eagle.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As of April 15, 2024 and as a result of amounts borrowed under the ABN AMRO Loan, the DNB Loan and the ING Loan and amounts repaid by the Company and Star Bulk through that date, the Term Facility and
      Revolving Facility were repaid in full, including all accrued interest and fees and all available commitments under the Revolving Facility were cancelled.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Debt&#8212;Share Lending Agreement</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Following the closing of the Merger, the shares lent to JCS were exchanged for 1,341,584 shares of Star Bulk common stock.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-27</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Stockholders&#8217; Equity</font>&#8212;<font style="font-style: italic;">Shareholder Rights Agreement</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">In connection with the consummation of the Merger on April 9, 2024, immediately prior to the Effective Time, the Rights expired in their entirety without any payment being made in respect thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Stockholders&#8217; Equity</font>&#8212;<font style="font-style: italic;">Common Stock Repurchase Program</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Following the completion of the Merger, the Company&#8217;s share repurchase program was terminated.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic;">Stock Incentive Plans</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">As a result of the consummation of the Merger, on April 9, 2024, the Company removed from registration all shares of common stock not yet issued under the 2016 Plan.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">*******</div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-28</font></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99-2.htm
<TEXT>
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    <!-- Licensed to: Cravath, Swaine & Moore LLP
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following unaudited pro forma condensed combined income statement of Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) for the year ended December 31, 2024 combines the historical audited consolidated
      income statement of Star Bulk and the historical unaudited consolidated statement of operations of Eagle Bulk Shipping Inc (&#8220;Eagle&#8221;) giving effect to the Eagle Merger (as defined below) as if it had been consummated on January 1, 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On December 11, 2023, Star Bulk entered into a definitive agreement with Eagle (the &#8220;Eagle Merger Agreement&#8221;) to combine in an all-stock merger (the &#8220;Eagle Merger&#8221; or the &#8220;Transaction&#8221;). Pursuant to
      the Eagle Merger Agreement, each share of Eagle common stock, par value $0.01 per share, issued and outstanding immediately prior to the Effective Time (as defined below) of the Eagle Merger (excluding Eagle common stock owned by Eagle, Star Bulk,
      Star Infinity Corp., a wholly owned subsidiary of Star Bulk, or any of their respective direct or indirect wholly owned subsidiaries) was converted into the right to receive 2.6211 shares, par value $0.01 per share, of Star Bulk common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Eagle Merger was completed on April 9, 2024 (the &#8220;Effective Time&#8221;), following Eagle shareholders&#8217; approval and receipt of applicable regulatory approvals and satisfaction of
      customary closing conditions. Eagle common stock has ceased trading and is no longer listed on the New York Stock Exchange.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The <font style="color: #000000;">pro forma condensed combined income statement is </font>based upon and derived from: (i) the historical audited consolidated financial statements of Star Bulk,
      which is available in Star Bulk&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as filed with the SEC on March 19, 2025, (ii) the historical unaudited condensed consolidated financial statements of Eagle for the three-month
      period ended March 31, 2024, included in Exhibit 99.1 to the Form 6-K filed by Star Bulk on March 27, 2025 and (iii) the historical unaudited condensed consolidated income statement of Eagle for the period from April 1, 2024 to April 8, 2024, derived
      from Eagle&#8217;s books and records and other available information. It is presented for illustrative purposes only and does not reflect the results of operations of Star Bulk that would have resulted had the Eagle Merger occurred on January 1, 2024, nor
      does it project the results of operations of Star Bulk for any future date or period.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Basis of Preparation</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The unaudited pro forma condensed combined income statement has been prepared in accordance with Article 11 of Regulation S-X, as amended by the final rule, Release No. 33-10786 &#8220;Amendments to
      Financial Disclosures about Acquired and Disposed Businesses.&#8221; Release No. 33-10786 replaced the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the Transaction (&#8220;transaction accounting adjustments&#8221;)
      and optionally to present the reasonably estimable synergies and other transaction effects (&#8220;management&#8217;s adjustments&#8221;), limiting management&#8217;s adjustments to those that are reasonably estimable and that have occurred or are reasonably expected to
      occur. We have elected not to present management&#8217;s adjustments and will only be presenting transaction accounting adjustments in the pro forma condensed combined income statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The pro forma condensed combined income statement is subject to the assumptions and adjustments described in the accompanying notes. The pro forma adjustments are based on available information and
      assumptions that Star Bulk&#8217;s management believes are reasonable under the circumstances. Actual results may differ materially from the assumptions within the accompanying pro forma condensed combined income statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The historical financial statements of Star Bulk and Eagle were prepared in accordance with generally accepted accounting principles in the United States and shown in U.S. dollars. The unaudited pro
      forma condensed combined income statement for the year ended December 31, 2024 assumes that the Transaction had occurred on January 1, 2024. Additionally, Eagle&#8217;s results of operations for the period from April 9, 2024 to December 31, 2024 are
      included in Star Bulk&#8217;s historical results for the year ended December 31, 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #000000;">Certain adjustments have been made and included in the </font>transaction accounting adjustments<font style="color: #000000;"> to conform presentation and accounting
        policies of Eagle&#8217;s historical financial statements with the presentation of Star Bulk&#8217;s historical financial statements.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The pro forma condensed combined income statement should be read in conjunction with the accompanying notes as well as the above referenced historical consolidated financial statements of Star Bulk
      and Eagle.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">STAR BULK CARRIERS CORP.</div>
    <div style="font-weight: bold;">UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT</div>
    <div style="font-weight: bold;">FOR THE YEAR ENDED DECEMBER 31, 2024</div>
    <div style="color: #000000; 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" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z263f7c4292ba415c8cc521fa5662e54b" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; font-size: 9pt; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; font-size: 9pt; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Star Bulk</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">(combined entity after Eagle Merger)</div>
            </td>
            <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; font-size: 9pt; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; font-size: 9pt; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; font-size: 9pt; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Eagle</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">(for the period from January 1, 2024 to April 8, 2024)</div>
            </td>
            <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; font-size: 9pt; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; font-size: 9pt; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; font-size: 9pt; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Transaction</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Accounting</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Adjustments</div>
            </td>
            <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; font-size: 9pt; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; font-size: 9pt; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center;">Notes</div>
            </td>
            <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; font-size: 9pt; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; font-size: 9pt; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; font-size: 9pt; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Pro Forma</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Combined</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 38%; font-size: 9pt;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%;">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Revenues:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 38%;">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Voyage revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,265,458</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">103,398</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">5,275</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">274,991</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">31,971</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-size: 9pt;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,299</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;"><br>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">65,027</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">164,055</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">16,357</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(447</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;"><br>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">18,956</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">70,778</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">25,204</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">95,982</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,800</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">3,216</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">5,016</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">6,286</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">6,286</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,326</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">9,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">11,326</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(4,740</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(4,740</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Loss on bad debt</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">308</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">308</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%;">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(Gain) / Loss on forward freight agreements and bunker swaps, net</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">4,033</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(933</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; text-align: center;">3.C</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;"><br>
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">3,100</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(Gain) / Loss on sale of vessels</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt;">(43,287</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt;">7</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: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</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: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(43,280</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Total operating expenses, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">882,462</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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">116,483</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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">919</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">999,864</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Operating income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">382,996</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: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(13,085</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(919</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">368,992</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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; font-size: 9pt;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">367</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;"><br>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(99,403</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Interest income and other income / (loss)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">16,378</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,631</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">18,009</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%;">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain / (Loss) on derivative financial instruments, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,861</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,861</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain / (Loss) on debt extinguishment, net</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,144</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,144</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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          <tr>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Realized and unrealized (loss) / gain on derivative instruments, net</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(933</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; padding-bottom: 2px;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;"><br>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(78,454</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(5,379</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(566</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(84,399</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; font-size: 9pt; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 11%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 11%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 10%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 10%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <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" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">304,542</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: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(18,464</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(1,485</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td style="background-color: #CCEEFF; border-top: 0px none; vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 2px; font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">284,593</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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Income tax (expense) / refund</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">116</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">116</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <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" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">304,658</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: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" 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: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(18,464</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(1,485</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">284,709</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: 9pt;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">Equity in income / (loss)&#160; of investee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">(4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-size: 9pt;">2.80</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 5%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">114,479,367</div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%; text-align: right; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">108,702,988</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" 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: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; text-align: right; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-size: 9pt;">117,939,489</div>
            </td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="color: #000000;">See accompanying notes to the </font>unaudited pro forma condensed combined income statement<font style="color: #000000;">.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT</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="color: #000000; font-weight: bold;">1.&#160;&#160; Description of transaction</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">At the Effective Time, each share of Eagle common stock issued and outstanding immediately prior to the Effective Time was cancelled in exchange for the right to receive 2.6211 shares of Star Bulk
      common stock, which resulted in the issuance of 28,082,319 shares of Star Bulk common stock. In addition, at the time of the Eagle Merger&#8217;s completion, 1,341,584 shares of Star Bulk common stock were issued in exchange for the 511,840 loaned shares
      of Eagle common stock (the &#8220;Eagle loaned shares&#8221;) outstanding in connection with Eagle&#8217;s 5.00% Convertible Senior Notes due 2024 (the &#8220;Convertible Notes&#8221;). While Eagle&#8217;s share lending agreement with Jefferies Capital Services, LLC (&#8220;JCS&#8221;) (the &#8220;Share
      Lending Agreement&#8221;) did not require cash payment upon return of the shares, physical settlement was required (i.e., the Eagle loaned shares were required to be returned at the end of the arrangement). Due to this share return provision and other
      contractual undertakings of JCS in the Share Lending Agreement, which had the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of borrowed shares, the shares of Star Bulk common stock issued to
      replace the Eagle loaned shares were not considered issued and outstanding until their cancelation described below, for accounting purposes and for the purpose of computing the basic and diluted weighted average shares or earnings per share. Upon the
      maturity date of the Convertible Notes on August 1, 2024, the issued 1,341,584 shares of Star Bulk common stock were cancelled upon return and 5,971,284 shares of Star Bulk common stock were issued for settlement of such Convertible Notes.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">2.&#160;&#160; Accounting for the merger</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Eagle Merger was accounted for as an acquisition of Eagle by Star Bulk under the asset acquisition method of accounting in accordance with generally accepted accounting principles in the United
      States of America (&#8220;U.S. GAAP&#8221;) with Star Bulk being treated as the acquiror for accounting purposes.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The following table presents the consideration paid by Star Bulk for the net assets acquired:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z78f899498a494f71bf23b9c1ec94f4f1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 80%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Eagle common stock</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 2.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 2.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">10,476,091</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 2.66%; background-color: rgb(204, 238, 255);">&#160;(a)</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 80%;">
            <div style="color: #000000;">Equity awards of Eagle employees and not vested to be replaced</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 2.53%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 2.53%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%;">
            <div style="color: #000000;">237,853</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 2.66%;">&#160;(b)</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 80%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Eagle shares exchanged with Star Bulk shares</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 2.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 2.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">10,713,944</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 2.66%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 80%; padding-bottom: 2px;">
            <div style="color: #000000;">Fixed exchange ratio</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 2.53%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 2.53%; 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: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">2.6211</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 2.66%; padding-bottom: 2px;">&#160;(c)</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 80%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Total Star Bulk common stock issued to Eagle shareholders</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 2.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 2.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">28,082,319</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 2.66%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 80%; padding-bottom: 2px;">
            <div style="color: #000000;">Star Bulk closing price per share</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 2.53%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 2.53%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">23.70</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 2.66%; padding-bottom: 2px;">&#160;(d)</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 80%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">Consideration transferred related to value of net assets acquired</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 2.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 2.53%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
            <div style="color: #000000; font-weight: bold;">665,551</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 2.66%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: #000000;">(a) Issued and outstanding shares as of April 9, 2024.</div>
    <div style="color: #000000;">(b) Under the Eagle Merger Agreement, Star Bulk was obligated to replace the equity awards of Eagle employees not vested based on the agreed exchange ratio.</div>
    <div style="color: #000000;">(c) The exchange ratio was fixed based on the Eagle Merger Agreement.</div>
    <div style="color: #000000;">(d) Share price of Star Bulk as of April 9, 2024 represents the closing price of Star Bulk common stock for the calculation of the fair value of the Eagle Merger consideration transferred.</div>
    <div style="color: #000000;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">3.&#160;&#160; Transaction accounting adjustments</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -13.5pt; margin-left: 13.5pt; color: #000000; font-weight: bold;">A. Drydocking expenses:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Pursuant to Star Bulk&#8217;s accounting policies, drydocking and special survey expenses are expensed when incurred. Pursuant to Eagle&#8217;s accounting policies, the deferral method of accounting was applied to drydocking costs
      whereby actual costs incurred were deferred and amortized on a straight-line basis over the period through the date the next drydocking is required to become due.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The amount of $2,299, which represents Eagle&#8217;s drydocking expenditures, has been recorded as expense in the pro forma condensed combined income statement to conform Eagle&#8217;s accounting policies with those of Star Bulk.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">B. Depreciation:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The amount of $16,357, as depicted in the below table, represents the removal of Eagle&#8217;s actual depreciation for the period from January 1, 2024 to April 8, 2024, which includes the amortization of Eagle&#8217;s deferred
      drydock costs.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The amount of $15,910, as depicted in the below table, represents Eagle&#8217;s vessels depreciation expense for the period from January 1, 2024 to April 8, 2024, calculated based on the carrying value of vessels recognized
      at the Effective Time and in line with Star Bulk&#8217;s accounting policies, as if the Eagle Merger had taken place from January 1, 2024.</div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z335fc444d3c64cec82d8d62e9a4d5b46" class="cfttable">

                    <tr>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px;"><font style="font-weight: bold;"> Depreciation</font><br>
                      </td>
                      <td valign="bottom" style="vertical-align: top; text-align: right; border-bottom: #000000 solid 2px;" colspan="3">
                        <div><font style="font-weight: bold;">Year ended</font></div>
                        <div><font style="font-weight: bold;">December 31, 2024</font><br>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(204, 238, 255);">Removal of Eagle Bulk pre-combination historical depreciation and amortization<br>
                      </td>
                      <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(16,357</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">)</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: middle; width: 88%;">Depreciation under Star Bulk&#8217;s accounting policy<br>
                      </td>
                      <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">15,910</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: middle; width: 88%; background-color: rgb(204, 238, 255);"><font style="font-weight: bold;">Total adjustment</font><br>
                      </td>
                      <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: bold;" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(447</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" colspan="1" class="cftfncell">)</td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">C. (Gain)/Loss on forward freight agreements and bunker swaps, net:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The amount of $933 represents an adjustment made to conform Eagle&#8217;s financial statement presentation with that of Star Bulk since Eagle presents gains and losses on derivative instruments within
      &#8220;Realized and unrealized (loss)/gain on derivative instruments, net,&#8221; which is presented below &#8220;Operating income&#8221; and Star Bulk presents such amounts within &#8220;(Gain)/Loss on forward freight agreements and bunker swaps, net,&#8221; which is presented above
      &#8220;Operating income&#8221;.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">D. Interest and finance costs:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The amount of $820, as depicted in the below table, represents the elimination of the amortization of deferred financing costs as part of the fair value measurement of outstanding Eagle&#8217;s debt, including the
      Convertible Notes for the period from January 1, 2024 to April 8, 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The amount of $(453) represents the effect of the new loan agreements Star Bulk entered into after the Effective Time in order to refinance the outstanding amounts under the then-existing loan agreements of Eagle, on
      &#8220;Interest and finance costs&#8221;, which is the incremental amount of interest expense calculated based on the terms of the facilities underlying the post-merger refinancing, as if the refinancing had taken place from January 1, 2024, as compared to
      interest expense incurred on Eagle&#8217;s previous long-term bank loans for the period from January 1, 2024 to April 8, 2024.</div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <div>
                <div><br>
                </div>
                <div>
                  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" class="cfttable">

                      <tr>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px;"><font style="font-weight: bold;"> Interest and finance costs</font><br>
                        </td>
                        <td valign="bottom" style="vertical-align: top; text-align: right; border-bottom: #000000 solid 2px;" colspan="3">
                          <div><font style="font-weight: bold;">Year ended</font></div>
                          <div><font style="font-weight: bold;">December 31, 2024</font><br>
                          </div>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(204, 238, 255);">Elimination of the amortization of deferred financing costs<br>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                          <div style="color: rgb(0, 0, 0);">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">820<br>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell"><br>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: middle; width: 88%;">Effect of the Post-Merger Refinancing<br>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                          <div style="color: rgb(0, 0, 0);">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">(453<br>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">) <br>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(204, 238, 255);"><font style="font-weight: bold;">Total adjustment</font><br>
                        </td>
                        <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                          <div style="color: rgb(0, 0, 0);">$</div>
                        </td>
                        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: bold;" colspan="1" class="cftnumcell">367<br>
                        </td>
                        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" colspan="1" class="cftfncell"><br>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
