<SEC-DOCUMENT>0000950157-25-000441.txt : 20250528
<SEC-HEADER>0000950157-25-000441.hdr.sgml : 20250528
<ACCEPTANCE-DATETIME>20250528161703
ACCESSION NUMBER:		0000950157-25-000441
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250528
FILED AS OF DATE:		20250528
DATE AS OF CHANGE:		20250528

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:		25995613

	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>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Cravath, Swaine & Moore LLP
         Document created using Broadridge PROfile 25.3.1.5296
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div>
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    <div><br>
    </div>
    <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>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">
      <hr align="center" noshade="noshade" 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>
    <div style="text-align: center;"> <br>
    </div>
    <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 align="center" noshade="noshade" 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>
    <div style="text-align: center;"> <br>
    </div>
    <div>
      <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>
    </div>
    <div>
      <div style="text-align: center;">For the month of May 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;">
        <hr align="center" noshade="noshade" 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>
      <div style="text-align: center;"><br>
      </div>
    </div>
    <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>
    <div style="text-align: center;">
      <hr align="center" noshade="noshade" 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>
    <div style="text-align: center;"> <br>
    </div>
    <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>
    <div> <br>
    </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>
    <div>
      <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>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: #000000;"> <br>
    </div>
    <div style="text-align: justify; color: #000000;">
      <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="color: #000000;">Attached as Exhibit 99.1 to this Form 6-K is a Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and the unaudited interim condensed consolidated financial statements of Star Bulk
          Carriers Corp. (the &#8220;Company&#8221;) as of March 31, 2025 and for the three months ended March 31, 2024 and 2025.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="color: #000000;">Attached as Exhibit 99.2 to this Form 6-K is a copy of the Company&#8217;s press release (the &#8220;Press Release&#8221;) announcing its unaudited financial and operating results for the Company&#8217;s three months ended March 31, 2025,
          which was issued on May 14, 2025.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="color: #000000;">The information contained in Exhibit 99.1 of this Form 6-K is hereby incorporated by reference into the registrant&#8217;s Registration Statement on Form F-3 (File No. 333-286185) and Registration Statement on Form S-8 (File
          No. 333-176922), in each case to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state that we incorporate such furnished information by reference) by the Company under the Securities Act of
          1933 or the Securities Exchange Act of 1934, in each case as amended.</div>
      </div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
      </div>
      <div>
        <div><br>
        </div>
      </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="color: #000000;">This Form 6-K, and the documents to which the Company refers in this Form 6-K, as well as information included in oral statements or other written statements made or to be made by the Company, contain &#8220;forward-looking
          statements,&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the Exchange Act, with respect to our financial condition, results of operations and business and our expectations
          or beliefs concerning future events. Words such as, but not limited to, &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;likely,&#8221; &#8220;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>
      <div><br>
      </div>
      <div>
        <div style="color: #000000;">All forward-looking statements involve risks and uncertainties. The occurrence of the events described, and the achievement of the expected results, depend on many events, some or all of which are not predictable or
          within our control. Actual results may differ materially from expected results.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="color: #000000;">In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:</div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zea95abc7f08a45ce921329e0ce21bdf4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the possibility that the expected synergies and value creation from the Eagle Merger (as defined below) will not be realized, or will not be realized within the expected time period;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z91e3581a8bab4b34bc1635f969a5c6e1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z34aa512ade794ed8a8d7ff196e18cd47" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z9ec0e538dd2242a0b895f1d58bd00390" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the strength of world economies;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z99b97b97e5c9491a9365672bb45edda8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the stability of Europe and the Euro;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z9a7162dae07043b6860392aee27e2a47" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>fluctuations in currencies, interest rates and foreign exchange rates;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zbfc8b8f1de8745a5864c17dd1147e268" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>business disruptions due to natural and other disasters or otherwise, such as the impact of any future epidemics;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z136c70d6ce3140788b8486eee292fbad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation in the dry bulk sector;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z17aba0da05d6480b851cd0cc9bc93b9f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z01c7696df0534099b2898db42e9967ff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zfe72e640d22d4b1bba7ab9ae2e159d3e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z705890cc9fee4b6cba6427374f6f51df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">
              <div><font style="font-family: Times New Roman">&#9679;</font></div>
              <div><font style="font-family: Times New Roman">&#9679; </font></div>
            </td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
              <div>
                <div style="text-align: left;">the impact of current and potential additional trade tariffs on global trade and demand for dry bulk shipping;</div>
              </div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z73a24163be8c43f780507dc195e6b3bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="zef94aeeddd6f47619170bef4a327d043" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z548b943624f24afa934c3588dd646c69" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets&#894;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z6eb277a2674a490b9659a3394f86bcc4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national imposed by regional authorities such as the European Union or individual countries;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z6625ccf6b90445908af967bc961731d1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="zfa8cbc8880cb410db042fe9fa9841723" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="zf3001ff181994fcfa39f88cadb7fbd14" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z443559094fff45ddb961a57a3fee49d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>our ability to successfully compete for, enter into and deliver our vessels under time charters or other employment arrangements for our existing vessels after our current charters expire and our ability to earn income in the spot
                market;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z98c81ee097424974ba57380594554c85" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public health threats, international hostilities and instability, piracy or acts by terrorists;</div>
            </td>
          </tr>

      </table>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z89d0538e653d4d658ddac9babd9b4f12" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the availability of financing and refinancing;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z088ad6beca6f493cb3158ad555423c11" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the failure of our contract counterparties to meet their obligations;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="za09fd16d24144c21a0c23f06df4360ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z2263ad3cbd4e48bba9b037799a781a42" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the impact of our indebtedness and the compliance with the covenants included in our debt agreements;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="ze95afa325afa4cf097487fc5f3033eae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z981733a43c7e4d72be7110ff15e68791" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="zf07849e070044b3293bb549b4a4bdef7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z1cb8e60d39c44c34a95137454c161d67" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z80093e92d57b45d29837b12f4f95a0b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

      </table>
      <table cellspacing="0" cellpadding="0" id="z970a1fee2c5d43048b4db66563fab197" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the risk factors and other factors referred to in the Company&#8217;s reports filed with or furnished to the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div style="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>
      </div>
      <div>
        <div style="color: #000000;">You should carefully consider the cautionary statements contained or referred to in this section in connection with any subsequent written or oral forward-looking statements that may be issued by us or persons acting on
          our behalf. Except as required by law, the Company undertakes no obligation to update any of these forward-looking statements, whether as a result of new information, future events, a change in the Company&#8217;s views or expectations or otherwise,
          except as required by applicable law. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to
          which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.</div>
      </div>
    </div>
    <div style="text-align: justify; 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>
      <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Dated: May 28, 2025</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za6b6c6014adb4af289f165f51d9bb91d">

        <tr>
          <td style="width: 48.92%; vertical-align: bottom;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom;">
            <div style="color: #000000; font-weight: bold;">Star Bulk Carriers Corp.</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.92%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <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>
        </tr>
        <tr>
          <td style="width: 48.92%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="color: #000000;">By:</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">/s/ Simos Spyrou</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.92%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="color: #000000;">Name:</div>
          </td>
          <td style="width: 31%; vertical-align: top;">
            <div style="color: #000000;">Simos Spyrou</div>
          </td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.92%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="color: #000000;">Title:</div>
          </td>
          <td style="width: 31%; vertical-align: top;">
            <div style="color: #000000;">Co-Chief Financial Officer</div>
          </td>
          <td style="width: 12%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6530f594ca124c55884c9f4c0543f695">

        <tr>
          <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-weight: bold;">Exhibit</div>
            <div style="color: #000000; font-weight: bold;">Number</div>
          </td>
          <td style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">&#160;</td>
          <td style="width: 1.44%; vertical-align: top;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 9%; 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;"><br>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div><a href="ex99-1.htm">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and our unaudited interim condensed consolidated
                financial statements of the Company as of March 31, 2025 and for the three months ended March 31, 2024 and 2025.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">&#160;</td>
          <td style="width: 1.44%; vertical-align: top;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;" rowspan="1"><a href="ex99-2.htm">99.2<br>
            </a></td>
          <td style="width: 1.44%; vertical-align: top;" rowspan="1"><br>
          </td>
          <td style="width: 90%; vertical-align: top;" rowspan="1">
            <div><a href="ex99-2.htm">Press Release dated May 14, 2025.</a></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Cravath, Swaine & Moore LLP
         Document created using Broadridge PROfile 25.3.1.5296
         Copyright 1995 - 2025 Broadridge -->
  </head>
<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>
    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following is a discussion of the financial condition and results of operations of Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) for the three-month periods ended March 31, 2024 and 2025. Unless
      otherwise specified herein, references to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221; shall include Star Bulk and its subsidiaries. You should read the following discussion and analysis together with the unaudited interim condensed consolidated financial
      statements and related notes included elsewhere herein. For additional information relating to our management&#8217;s discussion and analysis of financial conditions and results of operations, please see our Annual Report on Form 20&#8209;F for the year ended
      December 31, 2024, which was filed with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on March 19, 2025 (the &#8220;2024 Annual Report&#8221;). Unless otherwise defined herein, capitalized words and expressions used herein shall have the same
      meanings ascribed to them in the 2024 Annual Report. This discussion includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause actual events or
      conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Overview</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We are a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Our vessels transport major bulks, which include iron ore, coal and grain, and minor
      bulks which include bauxite, fertilizers and steel products. We were incorporated in the Marshall Islands on December 13, 2006 and, on December 3, 2007, we commenced operations when we took delivery of our first vessel. We maintain offices in Athens,
      New York, Connecticut (Stamford)<font style="font-weight: bold;">&#160;</font>and Singapore. Our common shares trade on the Nasdaq Global Select Market under the symbol &#8220;SBLK.&#8221;</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Eagle Merger</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">On April 9, 2024, we completed the merger with</font><font style="font-style: italic;">&#160;</font>Eagle Bulk Shipping Inc. (&#8220;Eagle&#8221;) in an all-stock transaction (the &#8220;Eagle Merger&#8221;)<font style="color: #000000;">, </font>which resulted in the issuance of 28,082,319 shares of our common stock. In addition, at the time of the Eagle Merger&#8217;s completion, 1,341,584 shares of our 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;). Upon the maturity date of the Convertible Notes on August&#160;1, 2024, the issued
      1,341,584 shares of our common stock were cancelled upon return and 5,971,284 shares of our common stock were issued for settlement of such Convertible Notes.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Our Fleet</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On March 7, 2025, the previously announced sold vessel <font style="font-style: italic;">Star Omicron</font> was delivered to its new owners. The previously announced sold vessels <font style="font-style: italic;">Strange Attractor </font>and<font style="font-style: italic;"> Bittern</font> were delivered to their new owners on April 24, 2025 and May 6, 2025, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In addition, in April 2025 and in May 2025, we agreed to sell the vessels <font style="font-style: italic;">Puffin Bulker</font>, <font style="font-style: italic;">Star Canary, Oriole, Star Georgia
      </font>and <font style="font-style: italic;">Star Petrel</font>. <font style="font-style: italic;">Puffin Bulker</font> was delivered to its new owners on May 20, 2025. <font style="font-style: italic;">Star Canary</font> and <font style="font-style: italic;">Oriole</font> are expected to be delivered to their new owners within the second quarter of 2025 while the remaining two are expected to be delivered in July 2025.</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;">Overall, in connection with the sales that were completed or will be completed during the second and third quarters of 2025, we expect to collect total proceeds of $80.9 million and to make debt
        prepayments in connection with these sales of approximately $22.2 million.</div>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On a fully delivered basis, taking into account the delivery of i) the vessels agreed to be sold (as further discussed above) and ii) our vessels under construction, as of May 27, 2025, we own a
      fleet of 148 vessels with an aggregate carrying capacity of approximately 14.5 million dwt, 97% of which are fitted with Exhaust Gas Cleaning Systems (&#8220;scrubbers&#8221;) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and
      Supramax vessels.</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>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div><br>
    </div>
    <div style="text-align: justify;">The following tables present summary information relating to our fleet as of May 27, 2025:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Operating Fleet:</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: rgb(0, 0, 0);" id="z0d998cca04fc456f8b0e15030d8ee3bb">

        <tr>
          <td nowrap="nowrap" style="width: 3.79%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 28.73%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20.76%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 13%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">1</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Sea Diamond Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Goliath</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">209,537</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 15, 2015</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">2</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Pearl Shiptrade LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Gargantua</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">209,529</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 2, 2015</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">3</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Ennea LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Gina 2GR</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">209,475</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">February 26,&#160;2016</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">4</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Coral Cape Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Maharaj</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">209,472</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 15, 2015</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">5</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Castle&#160;II LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Leo</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,939</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">May 14, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">6</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Eleven LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Laetitia</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,896</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">7</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Domus Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Ariadne</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,812</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 28, 2017</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">8</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Breezer LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Virgo</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,810</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 1, 2017</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">9</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Seeker LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Libra</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,765</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">June 6, 2016</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">10</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Nine LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sienna</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,721</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">11</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Clearwater Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Marisa</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,709</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 11 2016</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">12</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Ten LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Karlie</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,566</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">13</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Castle&#160;I LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Eleni</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,555</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">14</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Festive Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Magnanimus</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,526</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 26, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">15</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">New Era II Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Debbie H</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">206,861</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">May 28, 2019</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">16</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">New Era III Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Ayesha</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">206,852</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">17</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">New Era I Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Katie K</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">206,839</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 16, 2019</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">18</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Cape Ocean Maritime LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Leviathan</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">182,511</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">September&#160;19, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">19</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Cape Horizon Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Peloreus</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">182,496</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July&#160;22, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">20</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor I LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Claudine</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">181,258</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">21</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor II LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Ophelia</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">180,716</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">22</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Sandra Shipco LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pauline</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">180,274</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 29, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">23</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Christine Shipco LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Martha</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">180,274</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">October 31, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">24</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor III LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lyra</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">179,147</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">25</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Regg V LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Borneo</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 26, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">26</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Regg VI LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bueno</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 26, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">27</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Regg IV LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Marilena</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 26, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">28</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Regg II LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Janni</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 7, 2019</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">29</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Regg I LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Marianne</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">178,906</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 14, 2019</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">30</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident V LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Angie</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">177,931</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 29, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">31</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Global Cape Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kymopolia</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">176,990</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">32</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Fourteen LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Scarlett</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">175,649</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">33</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">ABM One LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Eva</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">106,659</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">34</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Nautical Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Amami</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">35</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Majestic Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Madredeus</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">36</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Sirius LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sirius</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March&#160;7, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">37</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Vega LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Vega</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">February&#160;13, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">38</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY II LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Aphrodite</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">92,006</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">39</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Augustea Bulk Carrier LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Piera</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">91,951</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">40</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Augustea Bulk Carrier LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Despoina</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">91,951</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Operating Fleet - Continued:</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: rgb(0, 0, 0);" id="zdac1626211284c60a2887c8770690c8b">

        <tr>
          <td nowrap="nowrap" style="width: 3.79%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 28.73%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20.76%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 13%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">41</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor IV LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Electra</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">83,494</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">42</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Alta I LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Angelina</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,981</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 5, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">43</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Alta II LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Gwyneth</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,790</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">December 5, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">44</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident&#160;I LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Kamila</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,769</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">September&#160;3, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2005</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">45</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor VI LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Luna</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,687</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">46</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor V LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bianca</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,672</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">47</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Grain Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Pendulum</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,619</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">48</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIX LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Maria</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,598</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">November 5, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">49</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Trident XII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Markella</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,594</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">September&#160;29, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">50</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident IX LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Danai</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,574</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 21, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">51</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">ABY Seven LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Jeannette</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,566</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">52</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Sun I LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Elizabeth</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,403</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">May 25, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">53</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Trident XI LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Georgia (2)</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,298</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">October 14, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">54</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident VIII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sophia</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,269</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 31, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">55</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Trident XVI LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Mariella</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,266</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">September&#160;19, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">56</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIV LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Moira</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,257</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">November 19, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">57</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Trident XVIII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Nina</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,224</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 5, 2015</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">58</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident X LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Renee</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,221</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 18, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">59</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Trident&#160;II LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Nasia</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,220</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August&#160;29, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">60</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Laura</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,209</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 8, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">61</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor VIII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Mona</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,188</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">62</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XVII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Helena</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,187</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 29, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">63</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor VII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Astrid</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,158</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">64</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Waterfront Two LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Alessia</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,944</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">65</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor IX LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Calypso</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,918</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">66</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Elpis LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Suzanna</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,711</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">May 15, 2017</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">67</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Gaia LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Charis</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,711</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 22, 2017</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">68</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Mineral Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Mercurial Virgo</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,545</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">69</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor X LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Stardust</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,502</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">70</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor XI LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sky</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,466</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">71</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Zeus VI LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lambada</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,272</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">72</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Zeus II LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Carioca</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,262</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">73</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Zeus I LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Capoeira</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,253</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">74</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Zeus VII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Macarena</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,198</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 6, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">75</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">ABY III LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lydia</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,187</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">76</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY IV LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Nicole</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,120</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">77</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">ABY Three LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Virginia</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,061</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">78</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor XII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Genesis</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">80,705</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">79</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor XIII LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Flame</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">80,448</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">80</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XX LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Emily</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">76,417</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">September&#160;16, 2014</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2004</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Operating Fleet - Continued:</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: rgb(0, 0, 0);" id="zb50c5719a7ff414e813c89fb0c1f1917">

        <tr>
          <td nowrap="nowrap" style="width: 3.79%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 28.73%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20.76%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 13%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">81</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Cape Town Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Cape Town Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,707</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">82</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Vancouver Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Vancouver</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,670</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">83</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Oslo Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Oslo</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,655</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">84</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Rotterdam Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Rotterdam</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,629</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">85</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Halifax Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Halifax Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,618</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">86</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Helsinki Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Helsinki</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,605</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">87</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Gibraltar Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Gibraltar</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,576</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">88</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Valencia Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Valencia Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,556</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">89</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Dublin Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Dublin Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,550</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">90</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Santos Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Santos Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,536</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">91</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Antwerp Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Antwerp</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,530</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">92</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Sydney Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sydney</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,523</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">93</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Copenhagen Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Copenhagen</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,495</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">94</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hong Kong Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Hong Kong Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,472</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">95</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Orion Maritime LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Idee Fixe</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,458</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 25, 2015</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">96</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Shanghai Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Shanghai Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,438</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">97</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Primavera Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Roberta</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,426</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 31, 2015</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">98</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Success Maritime LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Laura</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,399</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 7, 2015</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">99</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Singapore Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Singapore</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,386</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">100</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Westport Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Westport</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,344</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">101</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Hamburg Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Hamburg</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,334</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">102</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Fairfield Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Fairfield</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">103</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Greenwich Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Greenwich</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">104</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Groton Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Groton Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">105</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Madison Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Madison Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">106</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Mystic Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Mystic</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">107</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Rowayton Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Rowayton</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">108</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Southport Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Southport</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">109</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Stonington Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Stonington</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">110</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Ultra Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kaley</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,283</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">June 26, 2015</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">111</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Stockholm Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Stockholm</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,275</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">112</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Blooming Navigation LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kennadi</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,262</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 8, 2016</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">113</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Jasmine Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Mackenzie</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,226</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 2, 2016</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">114</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">New London Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star New London</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,140</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">115</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Lida I Shipping LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Apus</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,123</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 16, 2019</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">116</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Zeus IV LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Subaru</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,571</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">117</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Stamford Eagle LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Stamford Eagle</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,530</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">118</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor XV LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Wave</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,491</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">119</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Challenger&#160;I LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Challenger (1)</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,462</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">December&#160;12, 2013</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.79%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">120</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.73%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Challenger&#160;II LLC</div>
          </td>
          <td style="width: 20.76%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Fighter (1)</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,455</div>
          </td>
          <td style="width: 22.14%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December&#160;30, 2013</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Operating Fleet - Continued:</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: rgb(0, 0, 0);" id="zfd5be07abaa34029839239c9b51811a9">

        <tr>
          <td nowrap="nowrap" style="width: 3.8%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 28.8%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20.82%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.54%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 9.84%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivered to Star Bulk</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year Built</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">121</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Axe&#160;II LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lutas</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,347</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 6, 2016</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">122</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Aurelia Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Honey Badger</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,320</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">February 27, 2015</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">123</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Rainbow Maritime LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Wolverine</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,292</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">February 27, 2015</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">124</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Axe I LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Antares</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,258</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 9, 2015</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">125</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Tokyo Eagle LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Tokyo</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,225</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">126</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Five LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Monica</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">60,935</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">127</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Asia&#160;I LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Aquarius</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">60,916</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 22, 2015</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">128</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Asia&#160;II LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pisces</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">60,916</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 7, 2015</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">129</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Nighthawk Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Nighthawk</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">130</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Oriole Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Oriole (2)</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">131</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Owl Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Owl</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">132</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Petrel Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Petrel (2)</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">133</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Roadrunner Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Runner</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">134</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Sandpiper Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sandpiper</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">135</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Crane Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Crane</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">136</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Egret Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Egret Bulker</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">137</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Gannet Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Gannet Bulker</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">138</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Grebe Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Grebe Bulker</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">139</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Ibis Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Ibis Bulker</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">140</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Jay Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Jay</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">141</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Kingfisher Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kingfisher</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">142</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Martin Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Martin</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">143</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Canary Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Canary (2)</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">144</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Lida IX Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Cleo</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">56,582</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">145</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Lida X Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pegasus</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">56,540</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">146</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Golden Eagle Shipping LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Goal</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">55,989</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">147</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 28.8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Regg III LLC</div>
          </td>
          <td style="width: 20.82%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bright</div>
          </td>
          <td style="width: 12.54%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">55,569</div>
          </td>
          <td style="width: 22.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">October 10, 2018</div>
          </td>
          <td style="width: 9.84%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.8%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 28.8%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20.82%; vertical-align: middle;">
            <div style="color: #000000; font-weight: bold;">Total dwt</div>
          </td>
          <td nowrap="nowrap" style="width: 12.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">14,388,340</div>
          </td>
          <td nowrap="nowrap" style="width: 22.2%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.84%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0284e1fa665640d793506aee0b4abcc7">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Subject to a sale and leaseback financing transaction as further described in Note 7 to our consolidated financial statements included in the 2024 Annual Report.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf33291cb129c45b3b947a310471be7c6">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Vessels agreed to be sold, delivery dates to their new owners are described in the section &#8220;Our Fleet&#8221; above.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;">Vessels Under Construction:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8f4c68a89a094c56add33c9389e72905">

        <tr>
          <td style="width: 4%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
          </td>
          <td style="width: 21%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td style="width: 22%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">Shipyard</font></td>
          <td style="width: 10%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">&#160;Delivery Date</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: right; color: #000000;">1</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 236, 255);">&#160;</td>
          <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: justify; color: #000000;">Star Thundera LLC</div>
          </td>
          <td style="width: 21%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: justify; color: #000000;">Hull No 15</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: center; color: #000000;">January 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">2</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 29%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Caldera LLC</div>
          </td>
          <td style="width: 21%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hull No 16</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">3</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Affinity LLC</div>
          </td>
          <td style="width: 21%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Hull No 23</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">4</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 29%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Terra LLC</div>
          </td>
          <td style="width: 21%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hull No 17</div>
          </td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">5</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 29%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nova LLC</div>
          </td>
          <td style="width: 21%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Hull No 18</div>
          </td>
          <td style="width: 13%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">September 2026</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 4%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 29%; vertical-align: bottom;">&#160;</td>
          <td style="width: 21%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Total dwt</div>
          </td>
          <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">410,000</div>
          </td>
          <td nowrap="nowrap" style="width: 22%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Long-Term Time Charter-In Vessels:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">In addition, we have entered into the following long-term charter-in arrangements:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z12e66bb8faef4d6c84971ef256050ee8">

        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">#</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-weight: bold;">Name</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Built</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Shipyard</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Country</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Delivery Date</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Minimum Period</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">1</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Star Shibumi (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">180,000</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2021</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 30, 2021</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 2028</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">2</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom;">
            <div style="color: #000000;">Star Voyager (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Zhousan</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">China</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">January 11, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">January 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">3</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Stargazer (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">66,000</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Philippines</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">January 16, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">January 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">4</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom;">
            <div style="color: #000000;">Star Explorer (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">March 8, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">March 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">5</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Star Earendel (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">June 28, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">June 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">6</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom;">
            <div style="color: #000000;">Star Illusion (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Zhousan</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">China</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">October 11, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">October 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">7</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Star Thetis (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">66,000</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Philippines</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 12, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">8</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom;">
            <div style="color: #000000;">Tai Stride (2)<br>
            </div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">64,600</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2022</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Oshima</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">March 2026</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4px;">
            <div style="text-align: right; color: rgb(0, 0, 0);">9</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Tai Stamina (2)<br>
            </div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">64,500</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2021</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Oshima</div>
          </td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">July 2025</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 4px;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.09%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">Total dwt</div>
          </td>
          <td nowrap="nowrap" style="width: 8.09%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="text-align: center; color: #000000; font-weight: bold;">769,100</div>
          </td>
          <td nowrap="nowrap" style="width: 8.98%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.37%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 17.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.81%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z998a95577fda4037a47beed08a639281">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Recognized as right-of-use assets and corresponding lease liabilities as further described in Note 6 to our consolidated financial statements included in the 2024 Annual Report.</div>
          </td>
        </tr>

    </table>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc65aea37a21043448ca46f4940b5a39c">

          <tr>
            <td style="width: 18pt;">&#160;</td>
            <td style="width: 18pt; vertical-align: top;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Time charter-in agreements acquired as part of the Eagle Merger with a remaining duration of less than twelve months as of April 9, 2024. The Company subsequently exercised extension options on the respective agreements; however, these
                agreements do not meet the criteria under ASC 842 to be recognized as right-of-use assets.</div>
            </td>
          </tr>

      </table>
      <br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Liquidity and Capital Resources</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our principal sources of funds have been cash flow from operations, equity offerings, borrowings under secured credit facilities, debt securities or bareboat lease financings and
      proceeds from vessel sales. Our principal uses of funds have been capital expenditures to establish and grow our fleet, maintain the quality of our dry bulk carriers and comply with international shipping standards, environmental laws and
      regulations, fund working capital requirements, make principal and interest payments on outstanding indebtedness and make dividend payments when approved by the Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our short-term liquidity requirements include paying operating costs, funding working capital requirements and the short-term equity portion of the cost of vessel acquisitions, if
      any, our newbuilding program and vessel upgrades, interest and principal payments on outstanding indebtedness and maintaining cash reserves to strengthen our position against adverse fluctuations in operating cash flows. Our primary source of
      short-term liquidity is cash generated from operating activities, available cash balances and portions from new debt and refinancings as well as equity financings.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our medium- and long-term liquidity requirements are funding the equity portion of our newbuilding vessel installments and secondhand vessel acquisitions, if any, funding required payments under our
      vessel financing, paying cash dividends when declared and funding share repurchases, when our share price is trading at a significant discount to the estimated net liquidation value of our vessels. Sources of funding for our medium- and long-term
      liquidity requirements include cash flows from operations, new debt and refinancings or lease financings, equity issuances and vessel sales. <font style="color: #000000;">Please also refer to Note 12 to our unaudited interim condensed consolidated
        financial statements, included herein, for further discussion on our contractual commitments as of March 31, 2025.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As of May 13, 2025, we had total cash of $436.7 million and outstanding borrowings, including lease financing agreements, of $1,205.7 million. In addition, following a number of interest rates swaps
      that we have entered into, we have converted a total of $33.8 million of such debt from floating benchmark rate to an average fixed rate of 56 bps with an average maturity of 1.0 year.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our debt agreements contain financial covenants and undertakings requiring us to maintain various ratios. A summary of these terms is included in Note 8 of the Company&#8217;s consolidated financial
      statements for the year ended December 31, 2024, included in the 2024 Annual Report.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We believe that our current cash balance along with the net proceeds from the sale of vessels, described under section &#8220;Our Fleet&#8221; above, and our operating cash flows to be generated over the
      short-term period will be sufficient to meet our known short-term and long-term&#160;liquidity requirements. These requirements include funding the operations of our fleet, capital expenditure requirements, including our commitments for the installation
      of Energy Saving Devices (&#8220;ESD&#8221;), telemetry equipment and other upgrades on our vessels, as well as the remaining contractual commitments for the five vessels under construction. Furthermore, in April 2025, we entered into an agreement with E.SUN
      commercial Bank Ltd. for a loan facility for up to $130.0 million for the post-delivery financing of our vessels under construction. In addition, in February 2025, we received credit committee approval from ABN AMRO Bank N.V. for a revolving credit
      facility of $50.0 million, with an initial term of one year and an option to extend for an additional year. We are also in advanced negotiations with National Bank of Greece, for another revolving credit facility of up to $70.0 million with a
      three-year tenor.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We may seek additional indebtedness to finance future vessel acquisitions and our newbuilding program in order to maintain our cash position or to refinance our existing debt in more favorable terms.
      Our practice has been to fund the cash portion of the acquisition or construction cost of dry bulk carriers using a combination of funds from operations and bank debt or lease financing secured by mortgages or title of ownership on our dry bulk
      carriers held by the relevant lenders, respectively. We may also use the proceeds from potential equity or debt offerings to finance future vessel acquisitions. Our business is capital-intensive and its future success will depend on our ability to
      maintain a high-quality fleet through the acquisition and construction of newer dry bulk carriers and the selective sale of older dry bulk carriers. These acquisitions and newbuilding contracts will be principally subject to management&#8217;s expectation
      of future market conditions as well as our ability to acquire dry bulk carriers on favorable terms. However our ability to obtain bank or lease financing, to refinance our existing debt or to access the capital markets for offerings in the future,
      may be limited by our financial condition at the time of any such financing or offering, including the market value of our fleet, as well as by adverse market conditions resulting from, among other things, general economic conditions, prevailing
      interest rates, weakness in the financial and equity markets and contingencies and uncertainties that are beyond our control. Our liquidity is also impacted by our dividend policy, as discussed below.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Dividend Policy</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our dividend policy is described in Item 8. Financial Information-A. Consolidated statements and other financial information&#8212;Dividend Policy of our 2024 Annual Report.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On May 14, 2025, our Board of Directors decided to amend our previously approved Dividend Policy. Under the new Dividend Policy, Star Bulk will pay a minimum quarterly dividend of $0.05 per share
      going forward. The policy otherwise remains unchanged. On the same date, our Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about June 20, 2025 to all shareholders of record as of June 6, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Since Star Bulk is a holding company with no material assets other than the shares of its subsidiaries through which it conducts its operations, Star Bulk&#8217;s ability to pay dividends
      in the future will depend on its subsidiaries&#8217; ability to distribute funds to it. Any future dividends declared will be at the discretion and remain subject to approval of our Board of Directors each quarter after its review of our financial
      condition and other factors, including but not limited to our earnings, the prevailing charter market conditions, capital requirements, limitations under our debt agreements and applicable provisions of Marshall Islands law, which generally prohibits
      the payment of dividends other than from operating surplus or while a company is insolvent or would be rendered insolvent upon the payment of such dividend. Star Bulk&#8217;s dividend policy and declaration and payment of dividends may be changed at any
      time and are subject to available funds and our Board of Directors&#8217; determination that each declaration and payment is at the time in the best interests of Star Bulk and its shareholders after its review of our financial performance. There can be no
      assurance that our Board of Directors will continue to declare or pay any dividend in the future.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Other Recent Developments</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Please refer to Note 16 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for developments that took place after March 31, 2025.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Operating Results</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Factors Affecting Our Results of Operations</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">We deploy our vessels on a mix of short to medium time charters or voyage charters, contracts of affreightment or in dry bulk carrier pools, according to our assessment of market
        conditions. We adjust the mix of these charters to take advantage of the relatively stable cash flow and high utilization rates associated with medium to long-term time charters, or to profit from attractive spot charter rates during periods of
        strong charter market conditions, or to maintain employment flexibility that the spot market offers during periods of weak charter market conditions. The following table reflects certain operating data of our fleet, including our ownership days and
        TCE rates, which we believe are important measures for analyzing trends in our results of operations, for the periods indicated:</div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfb4056555a5649a498afd37302428fe1">

        <tr>
          <td nowrap="nowrap" style="width: 74.4%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td colspan="6" style="width: 23.91%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Three-month period ended March 31,</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.4%; vertical-align: bottom;">
            <div style="color: #000000; font-style: italic;">(TCE rates expressed in U.S. Dollars)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 12.21%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 10.17%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; color: #000000; font-weight: bold;">2025</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Average number of vessels (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">113.3</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">150.7</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.4%; vertical-align: bottom;">
            <div style="color: #000000;">Number of vessels (2)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">111</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">150</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Average age of operational fleet (in years) (3)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">11.9</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">12.3</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.4%; vertical-align: bottom;">
            <div style="color: #000000;">Ownership days (4)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">10,314</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">13,566</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Available days (5)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">9,969</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">12,805</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.4%; vertical-align: bottom;">
            <div style="color: #000000;">Charter-in days (6)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">271</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">1,072</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Time Charter Equivalent Rate (TCE rate) (7)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">19,627</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">12,439</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb86fc222741e4ef98dda38d8dc9df968">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during
              the period divided by the number of calendar days in that period.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e7da80c3a9549919c538fdc74adf842">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>As of the last day of each period reported.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc40b8b80102140af91514e5cf2216c95">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Average age of our operational fleet is calculated as of the end of each period.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b0a9585e0d044e5996e58f5a8cd4210">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z227e12b6df6f4c9ab7203be5af230e65">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="color: #000000;">Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management and vessels&#8217; improvements and
                upgrades. </font>Our method of computing Available Days may not necessarily be comparable to Available Days of other companies due to differences in methods of calculation<font style="color: #000000;">.</font></div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze098b13795ac498e8b474b249f8ad491">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Charter-in days are the total days that we charter-in third party vessels.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17911ecab95b4d8d8516b3fb1997f9d5">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(7)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Time charter equivalent rate (the &#8220;TCE rate&#8221;) represents the weighted average daily TCE rates of our operating fleet (including owned fleet and charter-in vessels). TCE rate is a measure of the average daily net
              revenue performance of our operating fleet. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of: voyage revenues (net of voyage expenses, charter-in hire expense, amortization of fair value of
              above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements (&#8220;FFAs&#8221;) and bunker swaps) by (b) Available days for the relevant time period. Available
              days do not include the Charter-in days as per the relevant definitions provided above. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the
              chartering result of our fleet and is more comparable to the method used by our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with voyage revenues, the most directly
              comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE
              rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company&#8217;s performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat
              charters and pool arrangements) under which its vessels may be employed between the periods. TCE Revenues and TCE rate, as presented below, may not necessarily be comparable to those of other companies due to differences in methods of
              calculation.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table reflects the calculation of our TCE rates as discussed in footnote (7) above. The table presents reconciliation of TCE Revenues to voyage revenues as reflected in the unaudited interim condensed
      consolidated income statements.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zcd4b074274de45ec81e03a1c62410b2b">

        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="6" style="width: 29.49%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Three-month period ended</div>
            <div style="text-align: center; color: #000000; font-weight: bold;">March 31,</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="width: 13.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="width: 13.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">2025</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom;">
            <div style="color: #000000; font-style: italic;">(In thousands of U.S. Dollars, except as otherwise stated)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Voyage revenues</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">259,390</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">230,650</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom;">
            <div style="color: #000000; font-style: italic;">Less:</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Voyage expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">(57,094</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">)<br>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">(56,318</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">)<br>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom;">
            <div style="color: #000000;">Charter-in hire expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">(3,926</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom;">)<br>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">(15,900</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom;">)<br>
          </td>
        </tr>
        <tr>
          <td style="width: 68.27%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="color: #000000;">Realized gain/(loss) on FFAs/bunker swaps</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">(2,706</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">) <br>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">846</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom; padding-bottom: 4px;">
            <div style="color: #000000; font-weight: bold;">Time charter equivalent revenues (&#8220;TCE Revenues&#8221;)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">195,664</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">159,278</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="color: #000000;">Available days</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">9,969</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">12,805</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.27%; vertical-align: bottom; padding-bottom: 4px;">
            <div style="color: #000000; font-weight: bold;">Daily time charter equivalent rate (&#8220;TCE rate&#8221;)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">19,627</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.82%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000; font-weight: bold;">12,439</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;">Voyage Revenues</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Voyage revenues are driven primarily by the number of vessels in our operating fleet, the duration of our charters, the number of charter-in days, the amount of daily charter hire
        or freight rates that our vessels earn under time and voyage charters, respectively, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the number of vessels chartered-in, the
        amount of time that we spend positioning our vessels, the amount of time that our vessels spend in dry dock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels, levels of supply and demand in the
        seaborne transportation market.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Vessels operating on time charters for a certain period of time provide more predictable cash flows over that period of time, but can yield lower profit margins than vessels
        operating in the spot charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter market generate revenues that are less predictable, but may enable us to capture increased profit margins during
        periods of improvements in charter rates, although we would be exposed to the risk of declining vessel rates, which may have a materially adverse impact on our financial performance. If we employ vessels on period time charters, future spot market
        rates may be higher or lower than the rates at which we have employed our vessels on period time charters.</div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Voyage Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Voyage expenses may include port and canal charges, agency fees, fuel (bunker) expenses and brokerage commissions payable to related and third parties. Bunker expenses, port and canal
      charges primarily increase in periods during which vessels are employed on voyage charters because these expenses are paid by the owners.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Charter-in Hire Expenses</div>
    <div><br>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">Charter-in hire expenses represent hire expenses for chartering-in third and related party vessels, either under time charters or voyage charters.</div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Vessel Operating Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the cost of spares and
      consumable stores, tonnage taxes, regulatory fees, maintenance expenses, lubricants and other miscellaneous expenses. Other factors beyond our control, some of which may affect the shipping industry in general, including for instance, developments
      relating to market prices for crew wages, lubricants and insurance, may also cause these expenses to increase.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
      <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>&#160;</div>
    <div style="font-weight: bold;">Dry Docking Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Dry docking expenses relate to regularly scheduled intermediate survey or special survey dry docking necessary to preserve the quality of our vessels as well as to comply with
      international shipping standards and environmental laws and regulations. Dry docking expenses can vary according to the age of the vessel and its condition, the location where the dry docking takes place, shipyard availability and the number of days
      the vessel is under dry dock. We utilize the direct expense method, under which we expense all dry docking costs as incurred.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Depreciation</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">We depreciate our vessels on a straight-line basis over their estimated useful lives, which is determined to be 25 years from the date of their initial delivery from the shipyard.
        Depreciation is calculated based on a vessel&#8217;s cost less the estimated residual value. We estimate the salvage value of each vessel to be $400 per light weight ton.</div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Management Fees</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Management fees include fees paid to third parties as well as related parties providing certain procurement services to our fleet.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">General and Administrative Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We incur general and administrative expenses, including our onshore personnel related expenses, directors&#8217; and executives&#8217; compensation, share based compensation, legal, consulting, audit and
      accounting expenses.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">(Gain)/Loss on Forward Freight Agreements and Bunker Swaps, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">When deemed appropriate from a risk management perspective, we take positions in freight derivatives, including FFAs and freight options with an objective to utilize those instruments
      as economic hedges to reduce the risk on specific vessels trading in the spot market and to take advantage of short-term fluctuations in the market prices. Upon the settlement, if the contracted charter rate is less than the average of the rates, for
      the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum. The settlement amount is an amount equal to the difference between the contracted rate and the settlement
      rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Our FFAs are settled mainly through
      reputable exchanges such as European Energy Exchange (&#8220;EEX&#8221;) or Singapore Exchange (&#8220;SGX&#8221;) so as to limit our exposure in over-the-counter transactions. Customary requirements for trading in FFAs include the maintenance of initial and variation
      margins based on expected volatility, open position and mark to market of the contracts.&#160;The fair value of the FFAs or freight options is treated as an asset or liability until they are settled&#160;with the change in their fair value being reflected in
      earnings. Any such settlements by us or settlements to us under FFAs or freight options, if any, are recorded under (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Also, when deemed appropriate from a risk management perspective, we enter into bunker swap contracts to manage our exposure to fluctuations of bunker prices associated with the
      consumption of bunkers by our vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. Our bunker swaps are settled mainly through
      reputable exchanges such as Intercontinental Exchange (&#8220;ICE&#8221;) so as to limit our counterparty exposure in over-the-counter transactions. Bunker price differentials paid or received under the swap agreements&#160;as well as changes in their fair value&#160;are
      recognized under (Gain)/Loss on forward freight agreements and bunker swaps, net.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #000000;">The fair value of freight derivatives and bunker swaps is determined through Level 1 inputs of the fair value hierarchy (quoted prices from the applicable exchanges such
        as EEX, SGX or ICE). Our FFAs and bunker swaps do not qualify for </font>hedge<font style="color: #000000;"> accounting and therefore unrealized gains or losses are recognized under (Gain)/Loss on forward freight agreements and bunker swaps, net.</font></div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Other operational gain</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Other operational gain&#160;includes gain from all other operating activities which are not related to the principal activities of the Company, such as gain from insurance&#160;claims.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">(Gain)/Loss on sale of vessels</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">(Gain)/Loss on sale of vessels represents net (gains)/losses from the sale of our vessels concluded during the period.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="font-weight: bold;">Interest and Finance Costs</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">We incur interest expense and financing costs in connection with our outstanding indebtedness under our existing loan facilities (including sale and leaseback financing transactions).
      We also incur financing costs in connection with establishing those facilities, which are presented as a direct deduction from the carrying amount of the relevant debt liability and amortize them to interest and financing costs over the term of the
      underlying obligation using the effective interest method.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Interest Income</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #000000;">We earn </font>interest<font style="color: #000000;"> income on our cash deposits with our lenders and other financial institutions.</font></div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Results of Operations</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">The three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Voyage revenues net of Voyage expenses</font>: Voyage revenues for the three months ended March 31, 2025 decreased to $230.7 million from $259.4
      million in the corresponding period in 2024. Time charter equivalent revenues (&#8220;TCE Revenues&#8221;) (as defined above) decreased to $159.3 million compared to $195.7 million for the corresponding period in 2024. The decrease in both Voyage revenues and
      TCE Revenues, despite the increase in the average number of vessels in our fleet to 150.7 from 113.3 during the relevant periods, is attributable to the significant decrease in charter rates. As a result, the TCE rate for the first three months of
      2025 decreased to $12,439 compared to $19,627 for the corresponding period in 2024 which is indicative of the weaker market conditions prevailing during the recent quarter. Please refer to the table above for the calculation of the TCE Revenues and
      TCE rate and their reconciliation with Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Charter-in hire expenses</font>: Charter-in hire expenses for the three months ended March 31, 2025 and 2024 were $15.9 million and $3.9 million,
      respectively. The increase is mainly attributable to the increase in charter-in days to 1,072 in the first quarter of 2025 from 271 in the corresponding period in 2024, following the delivery of all six newbuilding vessels under long-term charter-in
      agreements during 2024 and the two long-term charter-in agreements acquired as part of the Eagle Merger.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Vessel operating expenses</font><font style="font-style: italic;">:</font>&#160;For the three months ended March 31, 2025 and 2024, vessel operating
      expenses were $67.9 million and $51.2 million, respectively. The increase in our operating expenses was primarily due to the increase in the average number of vessels in our fleet to 150.7 from 113.3, as a result of the Eagle Merger.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Dry docking expenses: </font>Dry docking expenses for the three months ended March 31, 2025 and 2024 were $24.7 million and $10.0 million,
      respectively. During the first quarter of 2025, 14 vessels completed their periodic dry docking surveys, while during the corresponding period in 2024, five vessels completed their periodic dry docking surveys. In addition, six vessels commenced
      their dry docking surveys in the first quarter of 2025 compared to one vessel which commenced its dry docking survey during the corresponding period in 2024, resulting in an overall increase in dry docking expenses.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Depreciation</font><font style="font-style: italic;">:&#160;</font>Depreciation expense increased to $43.0 million for the three -month period ended
      March 31, 2025 compared to $32.0 million for the corresponding period in 2024. The increase is primarily driven by the increase in the average number of vessels in our fleet to 150.7 from 113.3.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">General and administrative expenses and Management fees</font><font style="font-style: italic;">:&#160;</font>General and administrative expenses for
      the three-month period ended March 31, 2025 were $15.3 million compared to $10.7 million in the corresponding period in 2024. Vessel management fees in the first quarter of 2025 increased to $5.6 million compared to $4.4 million for the corresponding
      period in 2024. The increase in both general and administrative expenses and management fees is mainly attributable to the increase in the average number of vessels in our fleet, as described above.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">(Gain)/Loss on forward freight agreements and bunker swaps, net</font><font style="font-style: italic;">:</font>&#160;For the three-month period ended
      March 31, 2025, we incurred a gain on FFAs and bunker swaps of $2.9 million, consisting of an unrealized gain of $2.1 million and a realized gain of $0.8 million. For the three-month period ended March 31, 2024, we incurred a loss on FFAs and bunker
      swaps of $5.9 million, consisting of an unrealized loss of $3.2 million and a realized loss of $2.7 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Other operational gain:</font>&#160;Other operational gain for the three-month period ended March 31, 2025, amounted to $12.0 million, mainly
      consisting of $2.3 million insurance proceeds pursuant to war risk insurance policy in connection with the prolonged detainment of one of our vessels in Ukraine in 2022 and $9.3 million related to the write-off of previously recorded accruals and
      liabilities that are no longer expected to require settlement. Other operational gain for the three-month period ended March 31, 2024 amounted to $1.6 million and primarily derived from various insurance claims.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic; color: #000000;">(Gain)/Loss on sale of vessels:</font><font style="font-weight: bold; color: #000000;">&#160;</font><font style="color: #000000;">Our
        results for&#160;the </font>three-month period ended March 31, 2025<font style="color: #000000;">,&#160;include an aggregate net loss of $0.7 million which resulted from the completion of the sale of the vessel </font><font style="font-style: italic; color: #000000;">Star Omicron</font><font style="color: #000000;">, as discussed under section &#8220;Our Fleet&#8221; above. </font>For the three-month period ended March 31, 2024, a n<font style="color: #000000;">et gain of $8.8 million resulted from the
        completion of the sale of certain vessels.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic; color: #000000;">Interest income and other income/(loss</font><font style="font-weight: bold; color: #000000;">)</font><font style="font-style: italic; color: #000000;">:</font><font style="color: #000000;">&#160;Interest income and other income/(loss) for the three month periods ended March 31, 2025 and 2024 amounted to $4.7 million and $2.5 million, respectively.</font>&#160;<font style="color: #000000;">The increase is primarily attributable to a realized foreign exchange gain of $0.9 million resulting from the weakening of the Euro/USD exchange rate during the first quarter of 2025, compared to a foreign exchange loss of $0.7 million in
        the corresponding period of 2024 and to the higher interest earned in the first quarter of 2025, due to higher cash balances maintained, compared to the corresponding period in 2024.</font></div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Cash Flows</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Net cash provided by operating activities for the three months ended March 31, 2025 and 2024 was $48.5 million and $114.3 million, respectively. This decrease was primarily driven by <font style="color: #000000;">increased expenses due to the increase in the average number of vessels in our fleet</font> from 113.3 to 150.7 and by lower voyage revenues earned as a result of lower charter rates due to the weaker market conditions
      prevailing during the recent period compared to the corresponding period in 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Net cash provided by investing activities for the three months ended March 31, 2025, and 2024 was $9.4 million and $72.6 million, respectively. The decrease was primarily due to lower vessel sale
      proceeds of $8.4 million in the first quarter of 2025, compared to $94.0 million in the same period of 2024. The decrease was partially offset by i) lower cash payments for advances on vessels under construction and upgrades, totaling $7.3 million in
      the first quarter of 2025 compared to $22.0 million in the corresponding period of 2024, and ii) higher cash inflows from hull and machinery insurance proceeds, amounting to $8.4 million in the first quarter of 2025 versus $0.6 million in the
      corresponding period of 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Net cash used in financing activities for the three months ended March 31, 2025, and 2024 was $62.0 million and $180.0 million, respectively. This decrease was primarily due to proceeds from bank
      loans of $228.0 million during the three months ended March 31, 2025, while there were no new debt drawdowns in the corresponding period of 2024. Additionally, dividend payments were reduced to $10.4 million in the first quarter of 2025 compared to
      $38.0 million during the same period in 2024. The decrease was partially offset by higher debt repayments of $259.4 million in the first quarter of 2025, compared to $141.9 million in 2024, as well as $19.6 million paid for the repurchase of common
      shares during the three months ended March 31, 2025 compared to no repurchases during the corresponding period in 2024.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Significant Accounting Policies and Critical Accounting Estimates</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">For a description of all our significant accounting policies and our critical accounting estimates, see Note 2 to our audited financial statements and &#8220;Item 5. Operating and Financial Review and
      Prospects,&#8221; included in our 2024 Annual Report. There have been no material changes from the &#8220;Critical Accounting Estimates&#8221; previously disclosed in our 2024 Annual Report.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;">
        <div>
          <div style="text-align: center; color: #000000; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED<br>
            FINANCIAL STATEMENTS</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z528c7e0c57c145d8bccaac47fc191a80">

            <tr>
              <td style="width: 82.57%; vertical-align: bottom;">
                <div style="color: #000000;">Unaudited Consolidated Balance Sheets as of December 31, 2024 and March 31, 2025</div>
                <div>&#160;</div>
              </td>
              <td style="width: 17.43%; vertical-align: top;">
                <div style="text-align: right; color: #000000;">F-2</div>
              </td>
            </tr>
            <tr>
              <td style="width: 82.57%; vertical-align: bottom;">
                <div style="color: #000000;">Unaudited Interim Condensed Consolidated Income Statements for the three-month periods ended March 31, 2024 and 2025</div>
                <div>&#160;</div>
              </td>
              <td style="width: 17.43%; vertical-align: top;">
                <div style="text-align: right; color: #000000;">F-3</div>
              </td>
            </tr>
            <tr>
              <td style="width: 82.57%; vertical-align: bottom;">
                <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three-month periods ended March 31, 2024 and 2025</div>
                <div>&#160;</div>
              </td>
              <td style="width: 17.43%; vertical-align: top;">
                <div style="text-align: right; color: #000000;">F-4</div>
              </td>
            </tr>
            <tr>
              <td style="width: 82.57%; vertical-align: bottom;">
                <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Shareholders&#8217; Equity for the three-month periods ended March 31, 2024 and 2025</div>
                <div>&#160;</div>
              </td>
              <td style="width: 17.43%; vertical-align: top;">
                <div style="text-align: right; color: #000000;">F-5</div>
              </td>
            </tr>
            <tr>
              <td style="width: 82.57%; vertical-align: bottom;">
                <div style="color: #000000;">Unaudited Interim Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2024 and 2025</div>
                <div>&#160;</div>
              </td>
              <td style="width: 17.43%; vertical-align: top;">
                <div style="text-align: right; color: #000000;">F-6</div>
              </td>
            </tr>
            <tr>
              <td style="width: 82.57%; vertical-align: top;">
                <div style="color: #000000;">Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
                <div>&#160;</div>
              </td>
              <td style="width: 17.43%; vertical-align: top;">
                <div style="text-align: right; color: #000000;">F-7</div>
              </td>
            </tr>

        </table>
        <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>
        <!--PROfilePageNumberReset%Num%2%F-%%-->
        <div><br>
        </div>
        <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Unaudited Consolidated Balance Sheets<br>
          As of December 31, 2024 and March 31, 2025</div>
        <div style="font-style: italic; font-weight: normal;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated) <br>
        </div>
        <div style="font-style: italic; font-weight: normal;"> <br>
        </div>
        <div>
          <div style="text-align: justify; color: #000000;">
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb248e5f7bca047c589626e56f399cae3" class="cfttable">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div>
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">March 31,</div>
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">ASSETS</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top;" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">CURRENT ASSETS</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Cash and cash equivalents</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">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">425,066</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                    <div style="color: rgb(0, 0, 0);">$</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);">420,825</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Restricted cash, current (Notes 8 and 13)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">11,218</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: rgb(0, 0, 0);">11,412</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Trade accounts receivable, net</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">79,303</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">80,803</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Inventories (Note 4)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">78,589</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: rgb(0, 0, 0);">69,437</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Due from managers</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">45</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">2</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Due from related parties (Note 3)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">37</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: rgb(0, 0, 0);">38</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Prepaid expenses and other receivables</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">18,873</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">18,035</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Derivatives, current asset portion (Note 13)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">2,177</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: rgb(0, 0, 0);">3,342</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Accrued income</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">67</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">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: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">43,598</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">36,500</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; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Current 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: 9%; 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);">658,973</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: 9%; 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);">640,394</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; padding-left: 9pt; width: 76%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">FIXED ASSETS</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Advances for vessels under construction (Note 5)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">27,526</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: rgb(0, 0, 0);">28,491</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Vessels and other fixed assets, net (Note 5)</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: 9%; 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);">3,208,357</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: 9%; 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);">3,162,767</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; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Fixed Assets</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">3,235,883</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">3,191,258</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; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">OTHER NON-CURRENT ASSETS</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Long-term investment (Note 3)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">1,733</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">1,702</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Restricted cash, non-current (Note 8)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">4,596</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: rgb(0, 0, 0);">4,606</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Operating leases, right-of-use assets (Note 6)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">184,509</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">178,011</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Derivatives, non-current asset portion (Note 13)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">330</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: rgb(0, 0, 0);">88</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Other non-current 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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">354</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; 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: 9%; 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);">389</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: 76%; padding-bottom: 4px;" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">TOTAL ASSETS</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 style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">4,086,378</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">4,016,448</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>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">LIABILITIES &amp; SHAREHOLDERS' 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: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">CURRENT LIABILITIES</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Current portion of long-term bank loans (Note 8)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">221,147</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                    <div style="color: rgb(0, 0, 0);">$</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);">212,269</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Lease financing short term (Note 7)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">2,731</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">2,731</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">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">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">51,591</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: rgb(0, 0, 0);">48,645</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Due to managers</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">10,938</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">17,933</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Due to related parties (Note 3)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">3,274</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: rgb(0, 0, 0);">3,162</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Accrued liabilities</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">62,607</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">52,358</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Operating lease liabilities, current (Note 6)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">28,227</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: rgb(0, 0, 0);">28,660</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Derivatives, current liability portion (Note 13)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">-</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">153</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Deferred revenue</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">17,297</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: rgb(0, 0, 0);">20,316</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Other current liabilities</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: 9%; 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);">2,000</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: 9%; 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);">2,000</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; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Current Liabilities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">399,812</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">388,227</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; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">NON-CURRENT LIABILITIES</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Long-term bank loans, net of current portion and unamortized loan issuance costs of $7,606 and $7,305, as of December 31, 2024 and March 31, 2025, respectively (Note 8)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">1,035,135</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">1,013,575</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Lease financing long term, net of unamortized lease issuance costs of $51 and $41, as of December 31, 2024 and March 31, 2025, respectively (Note 7)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">12,524</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: rgb(0, 0, 0);">11,851</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Operating lease liabilities, non-current (Note 6)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">156,282</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">149,351</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Other non-current liabilities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">850</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">788</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; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">TOTAL LIABILITIES</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: 9%; 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);">1,604,603</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: 9%; 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);">1,563,792</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; padding-left: 9pt; width: 76%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">COMMITMENTS &amp; CONTINGENCIES (Note 12)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">SHAREHOLDERS' EQUITY</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2024 and March 31, 2025, respectively (Note 9)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">-</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: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Common Shares, $0.01 par value, 300,000,000 shares authorized; 117,630,112 shares issued and outstanding as of December 31, 2024; 116,781,423 shares issued and outstanding as of March 31, 2025 (Note 9)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">1,142</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">1,133</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">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: 9%;" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">3,083,906</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: rgb(0, 0, 0);">3,065,981</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Accumulated other comprehensive income/(loss)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">2,299</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">1,064</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
                    <div style="color: rgb(0, 0, 0);">Accumulated deficit</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">(605,572</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: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0);">(615,522</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>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Shareholders' Equity</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: 9%; 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);">2,481,775</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: 9%; 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);">2,452,656</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: 76%; padding-bottom: 4px;" colspan="1">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">4,086,378</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 style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">4,016,448</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>
        </div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</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-2</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
          </div>
          <div><br>
          </div>
        </div>
        <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Unaudited Interim Condensed Consolidated Income Statements<br>
          For the three-month periods ended March 31, 2024 and 2025</div>
        <div style="font-style: italic; font-weight: normal;">(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="zda91d7dc62124e61af4d9adc6d365851" class="cfttable">

              <tr>
                <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
                  <div style="text-align: center; font-weight: bold;">Three months ended March 31,</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="2">
                  <div style="text-align: center; font-weight: bold;"> 2024</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="2">
                  <div style="text-align: center; font-weight: bold;"> 2025</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">Revenues:</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Voyage revenues (Note 15)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>259,390</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>230,650</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">Expenses/(Income)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Voyage expenses (Note 3)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>57,094</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>56,318</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Charter-in hire expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>3,926</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>15,900</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Vessel operating expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>51,172</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>67,942</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Dry docking expenses</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>10,021</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>24,677</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Depreciation (Note 5)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>31,990</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>42,954</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Management fees (Note 3)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>4,404</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>5,600</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>General and administrative expenses (Note 3)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>10,695</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>15,261</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Other operational loss</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>181</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>1,156</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Other operational gain (Note 14)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(1,617</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(12,037</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>5,921</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(2,930</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;">
                  <div>(Gain)/Loss on sale of vessels (Note 5)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div>(8,769</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div>740</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Total operating expenses, net</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>165,018</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>215,581</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); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">Operating income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">94,372</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">15,069</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">Other Income/(Expenses):</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Interest and finance costs (Note 8)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(20,499</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(19,275</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Interest income and other income/(loss)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>2,526</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>4,712</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Gain/(Loss) on derivative financial instruments, net (Note 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(810</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>52</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;">
                  <div>Gain/(Loss) on debt extinguishment, net (Notes 8 and 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div>(813</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div>(65</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">Total other expenses, net</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">(19,596</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">(14,576</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">Income before taxes and equity in income/(loss) of investee</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">74,776</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">493</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;">
                  <div>Income tax (expense)/refund</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div>106</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">74,882</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-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">493</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-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;">
                  <div>Equity in income/(loss) of investee (Note 3)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div>(26</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div>(31</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">Net income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">74,856</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">462</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Earnings per share, basic</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>0.89</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>0.00</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Earnings per share, diluted</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>0.89</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>0.00</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Weighted average number of shares outstanding, basic (Note 10)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>83,835,611</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>117,210,036</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Weighted average number of shares outstanding, diluted&#160; (Note 10)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>84,177,253</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>117,431,435</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-3</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        </div>
        <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss)<br>
          For the three-month periods ended March 31, 2024 and 2025</div>
        <div style="font-style: italic; font-weight: normal;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </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="z45dfa798fbde4eceafe610fec712e3c1" class="cfttable">

              <tr>
                <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6" rowspan="1">
                  <div style="text-align: center;"> <font style="font-weight: bold;">Three months ended March 31,</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="2">
                  <div style="text-align: center; font-weight: bold;"> 2024</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="2">
                  <div style="text-align: center; font-weight: bold;"> 2025</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">&#160;Net income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">74,856</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">462</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">&#160;Other comprehensive income / (loss):</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-style: italic;">&#160;Unrealized gains / losses from cash flow hedges:</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1">
                  <div style="text-indent: -9pt; margin-left: 9pt;">&#160;Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>1,369</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(684</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1">
                  <div style="text-indent: -9pt; margin-left: 9pt;">&#160;Unrealized gain / (loss) from hedging foreign currency forward contracts recognized in Other comprehensive income/(loss) before reclassifications</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(240</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>&#160;<font style="font-style: italic;">Less:</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div>&#160;Reclassification adjustments of interest rate swap gain/(loss) (Note 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(1,183</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div>(551</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-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;">
                  <div style="font-weight: bold;">&#160;Other comprehensive income / (loss)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">(54</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">(1,235</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="font-weight: bold;">&#160;Total comprehensive income / (loss)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" 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); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">74,802</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftcurrcell">
                  <div style="font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftnumcell">
                  <div style="font-weight: bold;">(773</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;" colspan="1" class="cftfncell">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-4</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        </div>
        <div><br>
        </div>
        <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          Unaudited Interim Condensed Consolidated Statements of Shareholders&#8217; Equity<br>
          For the three-month periods ended March 31, 2024 and 2025</div>
        <div style="font-style: italic; font-weight: normal;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div><br>
        </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="za98eb0bcafce46c18d01d4a2c80fb768" class="cfttable">

              <tr>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; text-align: center;" colspan="6" rowspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"> Common Stock</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; font-size: 9pt; text-align: right; font-weight: bold;" colspan="2">&#160; Additional <br>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt; text-align: right;" colspan="2">&#160;<font style="font-weight: bold;">Accumulated Other Comprehensive</font></td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; font-size: 9pt; text-align: right;" colspan="2"><font style="font-weight: bold;">&#160;Accumulated</font> </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; font-size: 9pt; text-align: right; font-weight: bold;" colspan="2">&#160;Total Shareholders'</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" 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;"> # of Shares</div>
                </td>
                <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt; text-align: right;" 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;"> Par Value</div>
                </td>
                <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Paid-in Capital</div>
                </td>
                <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">&#160; income/(loss)</div>
                </td>
                <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt; text-align: right;" 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><font style="font-weight: bold; color: rgb(0, 0, 0);"> </font> </div>
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">deficit</div>
                </td>
                <td nowrap="nowrap" style="text-align: right; vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">&#160; Equity</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">&#160;BALANCE, January 1, 2024</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; 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: 4px double 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: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">84,016,892</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">840</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">2,287,055</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5,393</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(633,218</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; 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 double 4px; 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: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1,660,070</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Net income</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: 9%;" 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: 9%;" 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: 9%;" 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: 9%;" 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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">74,856</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">74,856</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%; background-color: #CCEEFF;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other comprehensive income / (loss)</div>
                </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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(54</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); font-size: 9pt;">)</div>
                </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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(54</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Issuance of vested and non-vested shares and amortization of stock-based compensation</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">370,000</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: 9%;" 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%; 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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,157</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: 9%;" 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: 9%;" 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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,161</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%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Dividends declared ($0.45 per share)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(38,003</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: rgb(0, 0, 0); font-size: 9pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(38,003</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">&#160;BALANCE, March 31, 2024</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">84,386,892</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">844</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">2,289,212</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5,339</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(596,365</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1,699,030</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: 28%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; 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: 28%; padding-bottom: 4px;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">&#160;BALANCE, January 1, 2025</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">117,630,112</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt; font-weight: bold;" colspan="1" class="cftcurrcell">$</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1,142</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt; font-weight: bold;" colspan="1" class="cftcurrcell">$</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">3,083,906</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt; font-weight: bold;" colspan="1" class="cftcurrcell">$</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">2,299</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt; font-weight: bold;" colspan="1" class="cftcurrcell">$</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(605,572</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt; font-weight: bold;" colspan="1" class="cftcurrcell">$</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">2,481,775</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: 28%; background-color: #CCEEFF;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">&#160;Net income</div>
                </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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">462</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">462</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 style="color: rgb(0, 0, 0); font-size: 9pt;">&#160;Other comprehensive income / (loss)</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: 9%;" 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: 9%;" 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: 9%;" 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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,235</div>
                </td>
                <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: 9%;" 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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,235</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #CCEEFF;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">&#160;Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">432,869</div>
                </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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,615</div>
                </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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,619</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 style="color: rgb(0, 0, 0); font-size: 9pt;">&#160;Dividends declared ($0.09 per share) (Note 9)</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: 9%;" 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: 9%;" 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: 9%;" 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: 9%;" 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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(10,412</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(10,412</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Repurchase and cancellation of common shares, net (Note 9)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,281,558</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: rgb(0, 0, 0); font-size: 9pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(13</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: rgb(0, 0, 0); font-size: 9pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(19,540</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: rgb(0, 0, 0); font-size: 9pt;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); 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%; background-color: rgb(204, 238, 255); font-size: 9pt; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 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: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(19,553</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px;">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">&#160;BALANCE, March 31, 2025</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">116,781,423</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1,133</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">3,065,981</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1,064</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(615,522</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">2,452,656</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-5</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        </div>
        STAR BULK CARRIERS CORP.<br>
        <div style="font-weight: bold;"> Unaudited Interim Condensed Consolidated Statements of Cash Flows<br>
          For the three-month periods ended March 31, 2024 and 2025</div>
        <div style="font-style: italic; font-weight: normal;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
        <div style="font-style: italic;">
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z9427d234c8054eea8cc3219afcf78963" class="cfttable">

              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-size: 9pt;">&#160;&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Three months ended March 31,</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; 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; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                  <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;"> 2024</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
                  <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;"> 2025</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; 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; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Cash Flows from Operating Activities:</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); 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); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); 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); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Net income</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%;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">74,856</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">462</div>
                </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; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Adjustments to reconcile net income to net cash provided by/(used in) operating activities:</div>
                </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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Depreciation</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">31,990</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">42,954</div>
                </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; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Amortization of debt (loans &amp; leases) issuance costs</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">779</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">824</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Noncash lease expense</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,988</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">6,864</div>
                </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; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain/(Loss) on debt extinguishment, net</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">813</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">65</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(Gain)/Loss on sale of vessels</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(8,769</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">740</div>
                </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; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Share-based compensation</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,161</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,619</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Change in fair value of derivatives</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">3,215</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(2,084</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other non-cash charges</div>
                </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: 9%; background-color: #CCEEFF;" 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%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(62</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); font-size: 9pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Write-off of accruals and current liabilities</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: 9%;" 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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(9,266</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Change in fair value of interest rate swaps not designated as cash flow hedges</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">975</div>
                </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: 9%; background-color: #CCEEFF;" 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%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain on hull and machinery claims</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(470</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(173</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Equity in income/(loss) of investee</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">26</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">31</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Changes in operating assets and liabilities:</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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(Increase)/Decrease in:</div>
                </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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Trade accounts receivable</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">43</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1,500</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Inventories</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">5,181</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">9,055</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Prepaid expenses and other receivables</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(8,318</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(519</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Derivatives asset</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">849</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">79</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Accrued income</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(159</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">67</div>
                </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; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Due from related parties</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(2</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); font-size: 9pt;">)</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(1</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); font-size: 9pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Due from managers</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">23</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">43</div>
                </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; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other non-current assets</div>
                </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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(35</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); font-size: 9pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Increase/(Decrease) in:</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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Accounts payable</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">7,141</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">1,356</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Operating lease liability</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(2,988</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(6,864</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Due to related parties</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(577</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); font-size: 9pt;">)</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(112</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); font-size: 9pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Accrued liabilities</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,561</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(5,049</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Due to managers</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,684</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">6,995</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Deferred revenue</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(2,736</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">3,019</div>
                </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; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other current liabilities</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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,000</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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Net cash provided by / (used in) Operating Activities</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: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">114,262</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">48,508</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%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Cash Flows from Investing Activities:</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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Advances for vessels acquisitions, vessels under construction, vessel upgrades and other fixed assets</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(22,048</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); font-size: 9pt;">)</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(7,321</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); font-size: 9pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Cash proceeds from vessel sales</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">94,021</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">8,351</div>
                </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; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Hull and machinery insurance proceeds</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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">591</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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">8,391</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: 76%; padding-bottom: 2px;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Net cash provided by / (used in) Investing Activities</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: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">72,564</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">9,421</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%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Cash Flows from Financing Activities:</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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Proceeds from bank loans</div>
                </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: 9%; background-color: #CCEEFF;" 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%; 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">228,000</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Loan and lease prepayments and repayments</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(141,895</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(259,423</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Financing and debt extinguishment fees paid</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(133</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); font-size: 9pt;">)</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(578</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); font-size: 9pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Dividends paid</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(38,003</div>
                </td>
                <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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(10,412</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Repurchase of common shares</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; font-size: 9pt;" 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); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">-</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); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; font-size: 9pt;" 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); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(19,553</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: rgb(0, 0, 0); font-size: 9pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Net cash provided by / (used in) Financing Activities</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: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(180,031</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>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(61,966</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>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255); font-size: 9pt;">&#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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Net increase/(decrease) in cash and cash equivalents and restricted cash</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">6,795</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">(4,037</div>
                </td>
                <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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Cash and cash equivalents and restricted cash at beginning of period</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; 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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">261,750</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: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">440,880</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: 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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Cash and cash equivalents and restricted cash at end of period</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; 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 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">268,545</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">436,843</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 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-weight: bold; font-size: 9pt;">SUPPLEMENTAL CASH FLOW INFORMATION:</div>
                </td>
                <td valign="bottom" style="vertical-align: top; width: 38%;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;"><br>
                  </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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">&#160;&#160;Cash paid during the period for:</div>
                </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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Interest, net of amount capitalized</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%;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">20,878</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">18,023</div>
                </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; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Non-cash investing and financing activities:</div>
                </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: 9%; 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: 9%; 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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Vessel upgrades</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">2,514</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">5,934</div>
                </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; padding-left: 2%; width: 76%; background-color: #CCEEFF;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Right-of-use assets and lease obligations for charter-in contracts</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">84,954</div>
                </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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">364</div>
                </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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-size: 9pt;">Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such
                    items reported in the statements of cash flows:</div>
                </td>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
                <td valign="bottom" style="vertical-align: top; font-size: 9pt;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Cash and cash equivalents</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; 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); font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">228,452</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</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); font-size: 9pt;">420,825</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Restricted cash, current</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">38,072</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: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">11,412</div>
                </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; padding-left: 2%; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-size: 9pt;">Restricted cash, non-current</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt; 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); font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 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;">2,021</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt; 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); font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 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;">4,606</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 2%; width: 76%; padding-bottom: 4px;" colspan="2">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" 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 style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">268,545</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold; font-size: 9pt;">436,843</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              </tr>

          </table>
        </div>
        <div><font style="font-weight: normal;"> The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</font> </div>
        <div> <font style="font-weight: normal;"> </font>
          <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-6</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
          </div>
        </div>
        <div style="font-weight: normal;">
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</div>
          <div style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
          <div><br>
          </div>
          <div><font style="font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Basis of Presentation and General Information:</font></div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall
              Islands on December&#160;13, 2006 and maintains offices in Athens, New York, Connecticut (Stamford) and Singapore. Star Bulk&#8217;s common shares trade on the NASDAQ Global Select Market under the ticker symbol &#8220;SBLK&#8221;.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the &#8220;Company&#8221;) and have been prepared in
              accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) for interim financial information.
              Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the year ended December 31, 2024
              and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company&#8217;s financial position, results of operations and cash flows for the periods presented. Operating results
              for the three-month period ended March 31, 2025 are not necessarily indicative of the results that might be expected for the fiscal year ending December&#160;31, 2025.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated financial statements for the year ended
              December 31, 2024 included in the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2024 (the &#8220;2024 Annual Report&#8221;). The balance sheet as of December 31, 2024 has been derived from the audited consolidated financial
              statements as of that date, but, pursuant to the requirements for interim financial information, does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2024 Annual Report.</div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">As of March 31, 2025, the Company owned a modern fleet of 150 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity
            between 55,569 deadweight tonnage (&#8220;dwt&#8221;) and 209,537 dwt, and a combined carrying capacity of 14.6 million dwt and an average age of 12.3 years. Also, the Company has entered into firm shipbuilding contracts for the construction of five 82,000
            dwt Kamsarmax newbuilding vessels with expected deliveries between January 2026 and September 2026. In addition, through certain of its subsidiaries, the Company charters-in a number of third-party vessels <font style="color: rgb(0, 0, 0);">on
              a short-term basis and as of March 31, 2025 charters in 9 vessels on a long-term basis </font>to increase its operating capacity in order to satisfy its clients&#8217; needs.</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-7</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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>
          <table cellspacing="0" cellpadding="0" id="z1ae15cf6081c435f9d47185be46b767a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">1.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Basis of Presentation and General Information &#8211; (continued):</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="font-style: italic;">Eagle Merger</div>
          <div><br>
          </div>
          <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">On April 9, 2024 (the &#8220;Effective Time&#8221;), the Company completed the merger with</font><font style="font-style: italic;">&#160;</font>Eagle Bulk Shipping Inc. (&#8220;Eagle&#8221;) in an all-stock
            transaction (the &#8220;Eagle Merger&#8221;)<font style="color: rgb(0, 0, 0);">, 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.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">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;). Upon the maturity date of the Convertible Notes on August&#160;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="text-align: justify;">The results of operations of Eagle have been reflected in the Company&#8217;s consolidated statement of operations since the Effective Time. As a result, no financial information of Eagle is included in the unaudited
            interim condensed consolidated statement of operations for the three months ended March 31, 2024.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">The following unaudited supplemental pro forma consolidated financial information reflects the results of operations for the three-month period ended March 31, 2024, as if the Eagle Merger
            had been consummated on January 1, 2023. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the Eagle Merger actually taken place on January
            1, 2023. In addition, these results are not intended to be a projection of future results and do not reflect any synergies that might be achieved from the combined operations:</div>
          <div><br>
          </div>
          <table align="center" cellspacing="0" cellpadding="0" border="0" style="width: 60%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zf48d07b4ce974f28940f54f87e5efa0d" class="cfttable">

              <tr>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; padding-bottom: 2px; width: 82%;">&#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="2">
                  <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Three-month period ended March 31,</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: middle; padding-bottom: 2px; width: 82%;">&#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="2">
                  <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2024</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: middle; width: 82%; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">Pro forma voyage revenues</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">
                  <div style="color: rgb(0, 0, 0);">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">353,305</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: 82%;">
                  <div style="color: rgb(0, 0, 0);">Pro forma operating income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">99,206</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: 82%; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">Pro forma net income</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">74,626</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: 82%;">
                  <div style="color: rgb(0, 0, 0);">Pro forma income per share, basic</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">0.67</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: 82%; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">Pro forma income per share, diluted</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">0.63</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>

          </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-8</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zc4db6a98f4f443e18558ed37dfe8acaa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">2.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Significant accounting policies and recent accounting pronouncements:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">A summary of the Company&#8217;s significant accounting policies and recent accounting pronouncements is included in Note 2 to the Company&#8217;s consolidated financial statements included in the 2024
              Annual Report. During the three months ended March 31, 2025, there were no significant changes to the Company&#8217;s significant accounting policies or recent accounting pronouncements issued that the Company expects to have a potential impact on
              its consolidated financial statements.</div>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z4fe65cbed2fd444e9fc485073dc66525" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">3.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Transactions with Related Parties:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Details of the Company&#8217;s transactions with related parties did not change in the three-month period ended March 31, 2025 and are discussed in Note 3 of the Company&#8217;s consolidated financial
              statements for the year ended December 31, 2024, included in the 2024 Annual Report.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Transactions and balances with related parties are analyzed as follows:</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z558d56450743402090aca98ecd4a7fe5" class="cfttable">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance Sheets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">December 31, 2024</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">March 31,</div>
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Long term investment</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Interchart</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">1,361</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0);">$</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);">1,316</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Starocean</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">247</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">261</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">CCL Pool</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">125</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">125</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Long term investment</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">1,733</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">1,702</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Due from related parties</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Oceanbulk Maritime S.A. and its affiliates</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">2</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: rgb(0, 0, 0);">3</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Starocean</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">35</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">35</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Due from related parties</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">37</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">38</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>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Due to related parties</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Management and Directors Fees</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">178</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">94</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Oceanbulk Maritime S.A. and its affiliates</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">-</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: rgb(0, 0, 0);">10</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Iblea Ship Management Limited and its affiliates</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">3,096</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">3,058</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Due to related parties</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">3,274</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">3,162</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>
              <br>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-9</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zeb509b649a1d45f782c827409270cc54" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">3.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Transactions with Related Parties - continued:</div>
                </td>
              </tr>

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

                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%;">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">Income statements</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;" rowspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" class="cftcurrcell" rowspan="1">&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Three months ended March 31,</font>&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">2024</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">2025</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;Voyage expenses:</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%;">
                        <div style="color: rgb(0, 0, 0);">&#160;Voyage expenses-Interchart</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(1,035</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                        <div style="color: rgb(0, 0, 0);">)</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</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);">(1,035</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: 76%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;General and administrative expenses:</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%;">
                        <div style="color: rgb(0, 0, 0);">&#160;Consultancy fees</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(199</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                        <div style="color: rgb(0, 0, 0);">)</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</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);">(199</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: 76%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0);">&#160;Directors compensation</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(39</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" 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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(43</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                        <div style="color: rgb(0, 0, 0);">)</div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%;">
                        <div style="color: rgb(0, 0, 0);">&#160;Office rent - Combine Marine Ltd. &amp;&#160; Alma Properties</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(9</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: 9%;" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(10</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: 76%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0);">&#160;General and administrative expenses - Oceanbulk Maritime S.A. and its affiliates</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(44</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" 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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">-</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%;">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;Management fees:</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0);">&#160;Management fees- Iblea Ship Management Limited and affiliates</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">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(601</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                        <div style="color: rgb(0, 0, 0);">)</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</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);">(702</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                        <div style="color: rgb(0, 0, 0);">)</div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%;">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;Equity in income/(loss) of investee:</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0);">&#160;Interchart</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">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(23</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                        <div style="color: rgb(0, 0, 0);">)</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                        <div style="color: rgb(0, 0, 0);">$</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);">(45</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                        <div style="color: rgb(0, 0, 0);">)</div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 76%;">
                        <div style="color: rgb(0, 0, 0);">Starocean</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">(3</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: 9%;" colspan="1" class="cftnumcell">
                        <div style="color: rgb(0, 0, 0);">14</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    </tr>

                </table>
              </div>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
          </div>
          <table cellspacing="0" cellpadding="0" id="ze2b59b61b3f2408c950c9c85f86ae599" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Inventories:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The amounts shown in the consolidated balance sheets are analyzed as follows:</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">
              <table align="center" cellspacing="0" cellpadding="0" border="0" style="width: 70%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z6db1eb64842d492688419edaccc01ab0" class="cfttable">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 60%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> December 31, 2024</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> March 31, 2025</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 60%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">&#160;Lubricants</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">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">18,078</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">18,433</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 60%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">&#160;Bunkers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">60,511</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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0);">51,004</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: 60%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;Total</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">78,589</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">69,437</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                  </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-10</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zd5485a9b478a4111a396180369ec581c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">5.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Vessels and other fixed assets, net and Advances for vessels under construction:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Vessels and other fixed assets, net</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The amounts in the consolidated balance sheets are analyzed as follows:</div>
          </div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" class="cfttable" id="zfcf2f2fd4cdc48a3a7051d2dd9239e70" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> Cost</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> Accumulated depreciation</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> Net Book Value</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;Balance, December 31, 2024</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">4,250,798</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">(1,042,441</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">3,208,357</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 64%;">
                    <div style="color: rgb(0, 0, 0);">&#160;- Acquisition of vessels, vessel upgrades and other vessel costs</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">6,263</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">6,263</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">&#160;- Other fixed assets</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">95</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">95</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%;">
                    <div style="color: rgb(0, 0, 0);">&#160;- Vessel sales</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">(35,864</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">26,870</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">(8,994</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">&#160;- Depreciation for the period</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(42,954</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(42,954</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;Balance, March 31, 2025</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">4,221,292</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">(1,058,525</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">3,162,767</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">During the first quarter of 2025, the Company decided to opportunistically sell certain vessels and renew its fleet and agreed to sell the vessels <font style="font-style: italic;">Bittern
              </font>(which was actively marketed as of December 31, 2024)<font style="font-style: italic;">, Star Omicron</font> and <font style="font-style: italic;">Strange Attractor</font>. The vessel <font style="font-style: italic;">Star Omicron</font>
              was delivered to its new owners on March 7, 2025. The vessels <font style="font-style: italic;">Strange Attractor </font>and <font style="font-style: italic;">Bittern </font>were delivered to their new owners on April 24, 2025 and May 6,
              2025, respectively (Note 16c). Given their employment as of March 31, 2025, none of the above-mentioned vessels met the criteria to be classified as held for sale as of March 31, 2025.</div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">The amount included under &#8220;<font style="font-style: italic;">Gain/(Loss) on sale of vessels</font>&#8221; in the unaudited interim condensed consolidated income statement for the three-month period ended March 31,
            2025&#160;primarily relates to the loss on sale upon the delivery of vessel <font style="font-style: italic;">Star Omicron</font> to its new owners.</div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">As of March 31, 2025, 134 of the Company&#8217;s vessels, having a net carrying value of $2,897,001, serve as collateral under certain of the Company&#8217;s loan facilities and were subject to
              first-priority mortgages (Note 8). Title of ownership is held by the relevant lenders for another&#160;2&#160;vessels with a carrying value of $39,182 to secure the relevant sale and lease back financing transactions (Note 7).</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">The amounts reported under &#8220;</font><font style="font-style: italic;">Acquisition of vessels, vessel upgrades and other vessel costs</font><font style="color: rgb(0, 0, 0);">&#8221;
                in the table above which were incurred during the three-month period ended March 31, 2025, mainly include costs related to the Company&#8217;s continued technical upgrades to its fleet, such as the installation of ballast water management systems
                (&#8220;BWTS&#8221;) and Energy Saving Devices (&#8220;ESD&#8221;).</font></div>
            <div><br>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-11</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zf769de51edbc4966829e54b64b504928" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">5.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Vessels and other fixed assets, net and Advances for vessels under construction - continued:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; font-weight: bold;">Advances for vessels under construction:</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">During 2023, the Company entered into five firm shipbuilding contracts with Qingdao Shipyard Co., Ltd. for the construction of five 82,000 dwt Kamsarmax newbuilding vessels. Delivery of these
            vessels is scheduled progressively from January 2026 through September 2026.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">The amounts shown in the consolidated balance sheets are analyzed as follows:</div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <table align="center" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zcd5f9f7e1aae400783836f5df221b2a8" style="width: 60%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;" rowspan="1">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="border-top: 0px none; vertical-align: bottom; width: 1%; padding-top: 0px; padding-bottom: 2px;" rowspan="1">&#160;</td>
                  <td class="cftcurrcell" colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 0px none; vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>
                  <td class="cftnumcell" colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 0px none; vertical-align: bottom; width: 9%; text-align: right;" rowspan="1"><font style="font-weight: bold;">Amount</font> <br>
                  </td>
                  <td class="cftfncell" colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 0px none; vertical-align: bottom; white-space: nowrap; width: 1%;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance, December 31, 2024</div>
                  </td>
                  <td class="cftguttercell" colspan="1" style="background-color: rgb(204, 238, 255); border-top: 0px none; vertical-align: bottom; width: 1%; padding-top: 0px; padding-bottom: 4px;">&#160;</td>
                  <td class="cftcurrcell" colspan="1" style="background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); border-top: 0px none; vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td class="cftnumcell" colspan="1" style="background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); border-top: 0px none; vertical-align: bottom; width: 9%; text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">27,526</div>
                  </td>
                  <td class="cftfncell" colspan="1" style="background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); border-top: 0px none; vertical-align: bottom; white-space: nowrap; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%;">
                    <div style="color: rgb(0, 0, 0);">&#160;- Capitalized expenses</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">599</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: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">- Capitalized interest and finance costs</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">366</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance, March 31, 2025</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">28,491</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">As of March 31, 2025, the total aggregate remaining contracted price, including scrubber installation costs, for the five vessels under construction was $156,000, payable in periodic installments up to their
            deliveries, of which $79,200 is payable during the next twelve months ending March 31, 2026, and the remaining $76,800 is payable until their expected delivery from the shipyard in September 2026.</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z21c0251bbc7342e9b7a647e68deb56b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">6.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Operating leases:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; font-weight: bold;">a) Time charter-in vessel agreements</div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The carrying value of the assets and liabilities recognized on the balance sheet as of December 31, 2024 and March&#160;31, 2025 in connection with the time charter-in vessel arrangements with
              an initial term exceeding 12 months (Note 1), amounted to $181,618&#160;and $175,020, respectively, and are included under &#8220;<font style="font-style: italic;">Operating leases, right-of-use assets</font>&#8221; and &#8220;<font style="font-style: italic;">Operating













                lease liabilities current and non-current</font>&#8221; in the consolidated balance sheets.&#160;The weighted average discount rate that was used for the recognition of these leases, which is the estimated annual incremental borrowing rate for this
              type of asset, at each lease commencement, is approximately 5.3%. The payments required to be made after March 31, 2025, for these outstanding operating lease liabilities, are as follows:</div>
          </div>
          <div><br>
          </div>
          <div>
            <table align="center" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zd821c9d586d542a5a8a1cd7cac9e1a5e" style="width: 60%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 85%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Twelve month periods ending</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Amount</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2026</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">36,446</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2027</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
                    <div style="color: rgb(0, 0, 0);">34,986</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: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2028</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">36,008</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2029</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="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: rgb(0, 0, 0);">33,583</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2030</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">29,376</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2031 and thereafter</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">34,811</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total undiscounted lease payments</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">205,210</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 85%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Discount based on incremental borrowing rate</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(30,190</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Present value of lease liability</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">175,020</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">Operating lease liabilities, current</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
                    <div style="color: rgb(0, 0, 0);">27,644</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: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Operating lease liabilities, non-current</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">147,376</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">The weighted average remaining lease term of these charter-in vessel arrangements as of March 31, 2025 is&#160;5.9&#160;years. </font>The charter-in expenses for the long-term charter-in
            arrangements for the three-month periods ended <font style="color: rgb(0, 0, 0);">March 31, 2024</font> and 2025, were $3,926 and $9,218, respectively, and are included under &#8220;<font style="font-style: italic;">Charter-in hire expenses</font>&#8221;
            in the unaudited interim condensed consolidated income 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-12</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zaf51b627981d4acea84f507bdbbe0c92" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">6.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Operating leases - continued:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; font-weight: bold;">b) Office rental arrangements</div>
          <div><br>
          </div>
          <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">The carrying value of the assets and liabilities recognized </font>on the balance sheet<font style="color: rgb(0, 0, 0);"> as of December 31, 2024 and March&#160;31, 2025 in
              connection with the office rental arrangements</font>, <font style="color: rgb(0, 0, 0);">amounted to $2,891&#160;and $2,991, respectively</font>,<font style="color: rgb(0, 0, 0);"> and are included under &#8220;</font><font style="font-style: italic; color: rgb(0, 0, 0);">Operating leases, right-of-use assets</font><font style="color: rgb(0, 0, 0);">&#8221; and &#8220;</font><font style="font-style: italic; color: rgb(0, 0, 0);">Operating lease liabilities current and non-current</font><font style="color: rgb(0, 0, 0);">&#8221; in the consolidated balance sheets.</font> The weighted average discount rate that was used for the recognition of these leases, which is the estimated annual incremental borrowing rate for this type of assets,
            at each lease commencement, is approximately 5.3%. The <font style="color: rgb(33, 37, 41);">office rental payments required to be made after March 31, 2025, for these outstanding operating lease liabilities</font>, are as follows:</div>
          <div><br>
          </div>
          <div>
            <table align="center" cellspacing="0" cellpadding="0" class="cfttable" id="zc10cab15d53248d194c40c3afe749d3f" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 60%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 85%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Twelve month periods ending</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Amount</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2026</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">1,108</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2027</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
                    <div style="color: rgb(0, 0, 0);">1,049</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: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2028</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">613</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2029</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="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: rgb(0, 0, 0);">470</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: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2030</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">42</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2031 and thereafter</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total undiscounted lease payments</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">3,282</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 85%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Discount based on incremental borrowing rate</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(291</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Present value of lease liability</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">2,991</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">Operating lease liabilities, current</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
                    <div style="color: rgb(0, 0, 0);">1,016</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Operating lease liabilities, non-current</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">1,975</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 style="text-align: justify;"><font style="color: rgb(0, 0, 0);">The weighted average remaining lease term of these office rental arrangements as of March 31, 2025 is 3.26&#160;years. </font>The lease expenses for these office rental arrangements
            for the three-month periods ended <font style="color: rgb(0, 0, 0);">March 31, 2024</font> and 2025 were <font style="color: rgb(0, 0, 0);">$60</font> and $416, respectively, and are included under &#8220;<font style="font-style: italic;">General
              and administrative expenses</font>&#8221; in the unaudited interim condensed consolidated income 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-13</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z307dd3fb65204269b0ff337612ba5c83" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">7.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Lease financings:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Details of the Company&#8217;s lease financings are discussed in Note 7 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual
              Report.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The Company&#8217;s lease financings bear interest at SOFR plus a margin. The corresponding interest expense of the Company&#8217;s bareboat lease financing activities is included within &#8220;<font style="font-style: italic;">Interest and finance costs</font>&#8221; in the unaudited interim condensed consolidated income statements (Note 8).</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The principal payments required to be made after March 31, 2025, for the outstanding finance lease obligations recognized on the balance sheet, as of that date, are as follows:</div>
          </div>
          <div><br>
          </div>
          <div>
            <table align="center" cellspacing="0" cellpadding="0" class="cfttable" id="z952e1b633d2949828ada0946c656deff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 60%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 85%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Twelve month periods ending</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Amount</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2026</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">2,731</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2027</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
                    <div style="color: rgb(0, 0, 0);">2,731</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2028</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">2,731</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2029</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="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: rgb(0, 0, 0);">4,725</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: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2030</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">1,364</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2031 and thereafter</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">341</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total bareboat lease minimum payments</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">14,623</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Unamortized lease issuance costs</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(41</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total bareboat lease minimum payments, net</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">14,582</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">Lease financing short term</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
                    <div style="color: rgb(0, 0, 0);">2,731</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Lease financing long term, net of unamortized lease issuance costs</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: 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 style="color: rgb(0, 0, 0);">11,851</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zffe2e2d34c52420d87e0183dc6a15c37" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">8.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Long-term bank loans:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Details of the Company&#8217;s credit facilities are discussed in Note 8 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual
              Report and supplemented by the new loan activities, described below.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">i) ING $185,000 Facility:</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">On January 22, 2025, the Company entered into a loan agreement with ING Bank N.V., London Branch (&#8220;ING&#8221;), for a loan amount of up to $185,000 (the &#8220;ING $185,000 Facility&#8221;) which was drawn
              on January 24, 2025 and part of the funds was used to refinance the outstanding amount of the then existing ING Facility, as discussed below, while the excess funds were used for general corporate purposes. The ING $185,000 Facility is
              repayable in 20 equal consecutive quarterly installments of $8,810 and a balloon payment of $8,810, due in January 2030, along with the last installment and is secured by first priority mortgages on the vessels <font style="font-style: italic;">Star Alessia, Star Magnanimus, Star Claudine, Star Ophelia, Star Lyra, Star Bianca, Star Mona, Star Flame, Star Elizabeth, Madredeus, Star Vega, Star Capoeira, Star Carioca, Star Subaru, Star Lambada, Star Macarena </font>and<font style="font-style: italic;"> Star Lutas</font> which were part of the collateral vessels of the ING Facility.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">ii) ABN Revolving Facility:</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">In February 2025, the Company received a credit committee approval from ABN AMRO Bank N.V. (&#8220;ABN AMRO&#8221;) for a senior secured revolving facility of an amount of up to $50,000 (the &#8220;ABN
              Revolving Facility&#8221;) in order to finance working capital requirements. Each facility amount provided under the ABN Revolving Facility will be repayable within one year from its drawdown date, with the option to extend repayment for an
              additional 12 months upon mutual agreement. The ABN Revolving Facility, will be secured by first priority mortgage on the vessels <font style="font-style: italic;">Star Eva</font>, <font style="font-style: italic;">Star Aphrodite</font>, <font style="font-style: italic;">Star Lydia</font> and <font style="font-style: italic;">Star Nicole</font>. The completion of the transaction is subject to the execution of customary definitive documentation.</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-14</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div></div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
          </div>
          <div><br>
          </div>
          <div><font style="font-weight: bold;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Long-term bank loans - continued:</font></div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">iii) Fubon $43,000 Facility</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">On March 14, 2025, the Company entered into a loan agreement with Taipei Fubon Commercial Bank Co., Ltd. for a loan amount of up to $43,000 (the &#8220;Fubon $43,000 Facility&#8221;), which was drawn
              on March 26, 2025 in order to refinance the vessels <font style="font-style: italic;">Peloreus </font>and <font style="font-style: italic;">Leviathan,</font> which were previously under the ING Facility. The Fubon $43,000 Facility is
              repayable in 20 equal consecutive quarterly installments of $1,075 and a balloon payment of $21,500, due in March 2030, along with the last installment and is secured by first-priority mortgages on the aforementioned vessels.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">Repayments</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">In addition to the scheduled repayments during the three-month period ended March 31, 2025 and in connection with the refinancing described above and the sale of vessels described in Note
              5, the Company prepaid the following amounts: i) $35,715 corresponding to the outstanding amount of the remaining tranche of the ABN AMRO $97,150 Facility secured by the vessels <font style="font-style: italic;">Star Eva</font>, <font style="font-style: italic;">Star Aphrodite, Star Lydia</font> and <font style="font-style: italic;">Star Nicole</font>, ii) $154,920 corresponding to the outstanding amount under the existing ING Facility, iii) $7,800 corresponding to the
              outstanding amount of the then existing SEB $39,000 Facility secured by the vessels <font style="font-style: italic;">Star Marilena</font>, <font style="font-style: italic;">Star Borneo</font> and <font style="font-style: italic;">Star
                Bueno</font>, iv) $4,022<font style="font-style: italic;">&#160;</font>corresponding to the outstanding loan amount of the vessel <font style="font-style: italic;">Star Omicron </font>under the NBG $151,085 Facility and, v) $4,551<font style="font-style: italic;">&#160;</font>corresponding to the outstanding loan amount of the vessel <font style="font-style: italic;">Bittern </font>under the ESUN $100,000 Facility.</div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">As of December 31, 2024 and March 31, 2025, the Company was required to maintain minimum liquidity, not legally restricted, of $75,500 and $75,000, respectively, which is included within &#8220;<font style="font-style: italic;">Cash and cash equivalents</font>&#8221; in the consolidated balance sheets. In addition, as of December 31, 2024 and March 31, 2025, the Company was required to maintain a minimum liquidity, legally restricted (including the cash
            collateral required under certain of the Company&#8217;s FFAs, as described in Note 13), of $15,814 and $16,018, respectively. The increase in restricted cash is attributable to the increase in collateral required under certain of the Company&#8217;s
            financial instruments (Note 13).</div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">As of March 31, 2025, the Company was in compliance with the applicable financial and other covenants contained in its bank loan agreements and lease financings (Note 7), which are
              described in Note 8 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual Report.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The principal payments required to be made after March 31, 2025 for the outstanding bank debt as of that date, are as follows:</div>
          </div>
          <div><br>
          </div>
          <div>
            <table align="center" cellspacing="0" cellpadding="0" class="cfttable" id="zd55b7c8de1f441a9a49cf9a0186a7ba7" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 60%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 85%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Twelve month periods ending</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> Amount</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2026</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">212,269</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2027</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
                    <div style="color: rgb(0, 0, 0);">271,415</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: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2028</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">282,011</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2029</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="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: rgb(0, 0, 0);">208,161</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: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">March 31, 2030</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: 12%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">188,493</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">March 31, 2031 and thereafter</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">70,800</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Long-term bank loans</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">1,233,149</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Unamortized loan issuance costs</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(7,305</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Long-term bank loans, net</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">1,225,844</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 85%;">
                    <div style="color: rgb(0, 0, 0);">Current portion of long-term bank loans</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
                    <div style="color: rgb(0, 0, 0);">212,269</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Long-term bank loans, net of current portion and unamortized loan issuance costs</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: 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 style="color: rgb(0, 0, 0);">1,013,575</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div 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="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <br>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="ze9be98b0f3e641888e05eb099192d73d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">8.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Long-term bank loans - continued:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>All of the Company&#8217;s bank loans bear interest at SOFR plus a margin. The weighted average interest rate (including the margin) related to the Company&#8217;s debt including lease financings (Note 7), following a number of interest rates swaps the
            Company has entered into (Note 13), for the three-month periods ended March 31, 2024 and 2025 was 6.58% and 5.90%, respectively.</div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The amounts of &#8220;<font style="font-style: italic;">Interest and finance costs</font>&#8221; included in the unaudited interim condensed consolidated income statements are analyzed as follows:</div>
          </div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" class="cfttable" id="z865e13b262f04b03b4c8faae2d177012" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Three months ended March 31,</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Interest on financing agreements</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">20,903</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">18,988</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;">
                    <div style="color: rgb(0, 0, 0);">Less: Interest capitalized</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">(202</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">(366</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Reclassification adjustments of interest rate swap loss/(gain) transferred to</div>
                    <div style="color: rgb(0, 0, 0);"> Interest and finance costs from Other Comprehensive Loss (Note 13)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;(1,183</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">) <br>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">(551</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;">
                    <div style="color: rgb(0, 0, 0);">Amortization of debt (loan &amp; lease) issuance costs</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">779</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">824</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Other bank and finance charges</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">202</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">380</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Interest and finance costs</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">20,499</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">19,275</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">During the three-month period ended March 31, 2025, in connection with the loan prepayments described above, the Company wrote off an amount of $822 of unamortized debt issuance costs and
            incurred prepayment fees of $14, which are included under &#8220;<font style="font-style: italic;">Gain/(Loss) on debt extinguishment, net</font>&#8221; in the unaudited interim condensed consolidated income statement for the corresponding period. During
            the three-month period ended March 31, 2024, the Company wrote off an amount of $779 of unamortized debt issuance costs, which are included along with prepayment fees of $34 under &#8220;<font style="font-style: italic;">Gain/(Loss) on debt
              extinguishment, net</font>&#8221; in the unaudited interim condensed consolidated income statement for the corresponding period.</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="ze0631af1e56b4175b04dc225de632ed1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">9.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Preferred and Common Shares and Additional Paid-in Capital:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Details of the Company&#8217;s preferred shares and common shares are discussed in Note 9 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the
              2024 Annual Report.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">During the three-month period ended March 31, 2025, the Company issued 432,869 common shares pursuant to its Performance Incentive Program discussed in Note 11 of the Company&#8217;s consolidated
              financial statements for the year ended December 31, 2024, included in the 2024 Annual Report.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">During the three months ended March 31, 2025, under the Share Repurchase Program, as described in the 2024 Annual Report, the Company repurchased 1,281,558 common shares in open market
              transactions at an average price of $15.26 per share for an aggregate consideration of $19,553 including commissions. All repurchased shares under the Share Repurchase Program were cancelled and removed from the Company&#8217;s share capital as of
              March 31, 2025.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Pursuant to its dividend policy, during the three-month period ended March 31, 2025, the Company declared and paid a cash dividend of $10,412 or $0.09 per common share.</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-16</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <br>
          <div>&#160;</div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z90d251a5e8d24faca92f13d587e6d9c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">10.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Earnings per Share:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The computation of basic earnings per share is based on the weighted average number of common shares&#160;outstanding for the three-month periods ended March 31, 2024 and 2025. The calculation
              of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. Diluted earnings per share gives effect to stock awards and restricted stock units using the treasury
              stock method, unless the impact is anti-dilutive.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The Company calculates basic and diluted earnings per share as follows:</div>
          </div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" class="cfttable" id="z4612666c3a9f4c2e883d2fa84f137dd4" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Three months ended March 31,</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Income :</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                    <div style="color: rgb(0, 0, 0);">Net income</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">74,856</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">462</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Basic earnings per share:</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Weighted average common shares outstanding, basic</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">83,835,611</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">117,210,036</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Basic earnings per share</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">0.89</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">0.00</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Effect of dilutive securities:</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;">
                    <div style="color: rgb(0, 0, 0);">Dilutive effect of non vested shares</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">341,642</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">221,399</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Weighted average common shares outstanding, diluted</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">84,177,253</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">117,431,435</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Diluted earnings per share</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">0.89</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">0.00</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zaa6d78879bc24495bafb98c0dd88e8e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">11.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Equity Incentive Plans:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Details of the Company&#8217;s equity incentive plans and share awards granted through December 31, 2024, are discussed in Note 11 of the Company&#8217;s consolidated financial statements for the year
              ended December 31, 2024, included in the 2024 Annual Report.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The share-based compensation cost for the three-month periods ended March 31, 2024 and 2025, which is included under &#8220;<font style="font-style: italic;">General and administrative expenses</font>&#8221;
              in the unaudited interim condensed consolidated income statements, amounted to $2,161 and $1,619, respectively.</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-17</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)</div>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z7d11703b54fb446e8058846de4413399" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">11.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Equity Incentive Plans - continued:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">A summary of the status of the Company&#8217;s non-vested restricted shares as of March 31, 2025 and the movement during the three-month period ended March 31, 2025 is presented below.</div>
          </div>
          <div><br>
          </div>
          <div>
            <table align="center" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z433ab324bc7f4e169946cb69eb5d5898" style="width: 70%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 52%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Number of shares</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: right; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Weighted Average Grant </div>
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Date Fair Value per share<br>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Unvested as at January 1, 2025</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: 21%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">358,791</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">24.97</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 52%;">
                    <div style="color: rgb(0, 0, 0);">Granted</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%;">
                    <div style="color: rgb(0, 0, 0);">435,450</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%;">
                    <div style="color: rgb(0, 0, 0);">14.95</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Vested</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">(435,450</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">14.95</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Unvested as at March 31, 2025</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);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">358,791</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">24.97</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">As of March 31, 2025, the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $3,711 and is expected to be recognized over the weighted average
              period of 1.13 years. During the three-month period ended March 31, 2025 the Company paid $32 for dividends to shareholders of non-vested shares.</div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z8717ae4bbdf24f99b2b577d7313092c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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

          </table>
          <div><br>
          </div>
          <div><font style="font-weight: bold;">a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Commitments:</font></div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The following tables set forth inflows and outflows related to the Company&#8217;s charter party arrangements and other commitments, as at March 31, 2025.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);"><u>Time charter party arrangements</u>:</div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z4f3e887553cd435a9a6bc250c9f4abbf" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 25%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="27" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Twelve month periods ending March 31,</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 25%;">
                    <div style="color: rgb(0, 0, 0); font-style: italic;">+ inflows/ - outflows</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2026</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2027</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2028</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2029</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2030</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">2031 and thereafter</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Future, minimum, non-cancellable charter revenues (1)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">158,974</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">153,413</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">5,561</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 25%; padding-bottom: 4px;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">158,974</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">153,413</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">5,561</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                </tr>

            </table>
          </div>
          <div style="text-align: justify;"><br>
          </div>
          <div>
            <hr align="left" noshade="noshade" style="height: 2px; width: 15%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); border: medium none;">
            <div> <br>
            </div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z5e1511a47dc34baeb1fdf2dcdd8b93fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The amounts represent the minimum contractual charter revenues to be generated from the existing, as of March&#160;31, 2025, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire
                    days, other than those related to scheduled interim and special surveys of the vessels. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each
                    agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of March 31, 2025 and ii) the remaining minimum duration of each non-cancellable time charter agreement.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-18</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div></div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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>
          <table cellspacing="0" cellpadding="0" id="zeed196b2065242d0963a8fe55040bcd3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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

          </table>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" id="za8da0292b1da442496edf4c3343c6a3a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

                <tr>
                  <td style="width: 54pt; vertical-align: top; text-align: right;">
                    <div style="text-align: left; font-weight: bold;">a)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">Commitments - continued:</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;"><u>Other commitments:</u></div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <table cellspacing="0" cellpadding="0" class="cfttable" id="z192da2920a4d4b8398d1d6c1d321d3ed" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 23%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="27" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Twelve month periods ending March 31,</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 23%;">
                    <div style="color: rgb(0, 0, 0); font-style: italic;">+ inflows/ - outflows</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2026</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2027</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2028</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2029</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2030</div>
                  </td>
                  <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  <td class="cftguttercell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">2031 and thereafter</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 23%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Future minimum time charter-in hire payments (1)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">(6,112</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">)</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: 8%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">(6,112</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">)</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: 8%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <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: 8%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <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: 8%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <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: 8%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <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: 8%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 23%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Vessel BWTS upgrades and ESD (2)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(9,964</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(9,964</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 23%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">(16,076</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">(16,076</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>

            </table>
          </div>
          <div style="text-align: justify;"> <br>
          </div>
          <div style="text-align: justify;">
            <hr align="left" noshade="noshade" style="height: 2px; width: 15%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: left; border: medium none;"></div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zc8b1f272211b44fa9944782b162e814b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 31.5pt;"><br>
                </td>
                <td style="width: 40.5pt; vertical-align: top;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The amounts represent the Company&#8217;s commitments under the existing, as of March 31, 2025, time-charter-in arrangements for third party vessels.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="za7e192f278664c2da5b1b19c5e12c6d4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 31.5pt;"><br>
                </td>
                <td style="width: 40.5pt; vertical-align: top;">(2)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The amounts represent the Company&#8217;s commitments as of March 31, 2025 for installation of BWTS upgrades and ESD on its vessels to comply with environmental regulations.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify;">The Company has outstanding commitments under vessel construction contracts as of March 31, 2025, as described in Note 5 &#8220;<font style="font-style: italic;">Vessels and other fixed assets, net and Advances for
              vessels under construction</font>&#8221;.</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-19</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div></div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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>
          <table cellspacing="0" cellpadding="0" id="z9bec9568ea624d538d866a375b749551" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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

          </table>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z9b36a2c6e68c496da4d69003357aea18" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">b)</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Legal proceedings</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes
            with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company&#8217;s vessels.&#160;The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and
            is able to reasonably estimate the probable exposure.&#160;</div>
          <div><br>
          </div>
          <div style="text-align: justify;">The Company is involved in non-material 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.</div>
          <div><br>
          </div>
          <div style="text-align: justify;">Certain routine non-material commercial claims have been asserted against the Company, or by the Company against charterers, that relate to contractual disputes with certain of our charterers. The nature of these
            disputes involves disagreements over losses claimed by charterers, or by the Company, during or as a result of the performance of certain 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="text-align: justify;">In March 2021, the U.S. government began investigating an allegation that one of the vessels acquired pursuant to the Eagle Merger may have improperly disposed of ballast water that entered the engine room bilges
            during a repair. Following extensive negotiations with the U.S. government, a subsidiary of the Company has agreed to enter into a plea agreement (the &#8220;Agreement&#8221;)&#160;and plead guilty based on the principles of vicarious liability to one count
            alleging failure to maintain an accurate oil record book in violation of The Act to&#160;Prevent Pollution from Ships (&#8220;APPS&#8221;),&#160;pay a fine of $1,750 (for which the Company had already posted a surety bond as security for any potential fines) and
            serve a four-year term of probation during which eight of the Company&#8217;s vessels will be required to adhere to a monitored environmental compliance plan. The Agreement is subject to&#160;plea and sentencing proceedings before a U.S. District Court
            Judge in the Eastern District of Louisiana and will not be finalized until the Court has accepted the guilty plea, approved the Agreement and imposed the agreed upon sentence.&#160;The Company does not believe that this matter will have a material
            impact on the Company, our financial condition, or results of operations.&#160;</div>
          <div><br>
          </div>
          <div style="text-align: justify;">Currently, other than as disclosed above, management is not aware of, and has not accrued for, any such claims or contingent liabilities requiring disclosure in the unaudited interim condensed consolidated
            financial statements. In accordance with U.S. GAAP, the Company accrues for a contingent liability when it is probable that such a liability has been incurred and the amount of loss can be reasonably estimated.</div>
          <div><br>
          </div>
          <div style="text-align: justify;">The Company evaluates its outstanding legal proceedings to assess its contingent liabilities and adjusts such liabilities, as appropriate, based on management&#8217;s best judgment after consultation with counsel.
            There is no assurance that the Company&#8217;s contingent liabilities will not need to be adjusted in the future.</div>
          <div style="text-align: justify;"> <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-20</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z4594e69c0fc04950a816719bb34fc189" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">13.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Fair value measurements and Hedging:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="font-weight: bold;">Fair value on a recurring basis:</div>
          <div><br>
          </div>
          <div style="font-weight: bold;">Interest rate swaps</div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Details of the Company&#8217;s interest rate swaps are discussed in Note 18 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual
              Report.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The following table summarizes the interest rate swaps in place as of March 31, 2025:</div>
            <div><br>
            </div>
          </div>
          <div>
            <div>
              <div> </div>
              <div>
                <table align="center" cellspacing="0" cellpadding="0" border="0" class="cfttable" style="width: 80%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

                    <tr>
                      <td style="vertical-align: bottom; width: 13.29%; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">Counterparty</div>
                      </td>
                      <td colspan="1" style="vertical-align: bottom; width: 0.97%; text-align: center; padding-bottom: 2px;">&#160;</td>
                      <td style="vertical-align: bottom; width: 13.29%; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">Trading Date</div>
                      </td>
                      <td colspan="1" style="vertical-align: bottom; width: 0.97%; text-align: center; padding-bottom: 2px;">&#160;</td>
                      <td style="vertical-align: bottom; width: 13.29%; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">Inception</div>
                      </td>
                      <td colspan="1" style="vertical-align: bottom; width: 0.97%; text-align: center; padding-bottom: 2px;">&#160;</td>
                      <td style="vertical-align: bottom; width: 13.29%; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">Expiry</div>
                      </td>
                      <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%; text-align: right; padding-bottom: 2px;">&#160;</td>
                      <td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">Fixed Rate</div>
                      </td>
                      <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%; text-align: right; padding-bottom: 2px;">&#160;</td>
                      <td colspan="3" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">Initial Notional</div>
                      </td>
                      <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%; text-align: right; padding-bottom: 2px;">&#160;</td>
                      <td colspan="3" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">Current Notional</div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 13.29%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); text-align: center;">ING</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: top; width: 0.97%; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                      <td valign="bottom" style="vertical-align: top; width: 13.29%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); text-align: center;">Mar-20</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: top; width: 0.97%; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                      <td valign="bottom" style="vertical-align: top; width: 13.29%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); text-align: center;">Mar-20</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: top; width: 0.97%; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                      <td valign="bottom" style="vertical-align: top; width: 13.29%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); text-align: center;">Mar-26</div>
                      </td>
                      <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">&#160;</td>
                      <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12.32%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); text-align: center;">0.7000%</div>
                      </td>
                      <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">&#160;</td>
                      <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12.32%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0);">29,960</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">&#160;</td>
                      <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">&#160;</td>
                      <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12.32%; background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0);">19,260</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 0.97%; background-color: rgb(204, 238, 255);">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 13.29%;">
                        <div style="color: rgb(0, 0, 0); text-align: center;">ING</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: top; width: 0.97%; text-align: center;">&#160;</td>
                      <td valign="bottom" style="vertical-align: top; width: 13.29%;">
                        <div style="color: rgb(0, 0, 0); text-align: center;">Jul-20</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: top; width: 0.97%; text-align: center;">&#160;</td>
                      <td valign="bottom" style="vertical-align: top; width: 13.29%;">
                        <div style="color: rgb(0, 0, 0); text-align: center;">Jul-20</div>
                      </td>
                      <td valign="bottom" colspan="1" style="vertical-align: top; width: 0.97%; text-align: center;">&#160;</td>
                      <td valign="bottom" style="vertical-align: top; width: 13.29%;">
                        <div style="color: rgb(0, 0, 0); text-align: center;">Jul-26</div>
                      </td>
                      <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%;">&#160;</td>
                      <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12.32%;">
                        <div style="color: rgb(0, 0, 0); text-align: center;">0.3700%</div>
                      </td>
                      <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%;">&#160;</td>
                      <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 0.97%;">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12.32%;">
                        <div style="color: rgb(0, 0, 0);">70,000</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 0.97%;">&#160;</td>
                      <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 0.97%;">&#160;</td>
                      <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 0.97%;">
                        <div style="color: rgb(0, 0, 0);">$</div>
                      </td>
                      <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 12.32%;">
                        <div style="color: rgb(0, 0, 0);">17,500</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 0.97%;">&#160;</td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
            </div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The above interest rate swaps were designated and qualified as cash flow hedges while they are in effect. The effective portion of the unrealized gains/losses from the above swaps
              (designated as cash flow hedges) is recorded in &#8220;<font style="font-style: italic;">Other Comprehensive Income/(Loss)&#8221;</font> and no portion of these cash flow hedges was ineffective during the three-month period ended March 31, 2025.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Following the prepayment of the ING Facility and SEB $39,000 Facility (Note 8), the Company early terminated the following interest rate swap agreements: i) in January 2025, the one with
              ING for the vessels <font style="font-style: italic;">Peloreus</font> and <font style="font-style: italic;">Leviathan</font> which was originally set to mature in October 2025 and ii) in February 2025, the one with SEB for the vessels <font style="font-style: italic;">Star Marilena, Star Borneo</font> and <font style="font-style: italic;">Star Bueno,</font> which were originally set to mature in January 2026. In connection with the aforementioned unwinding of these interest
              rate swap agreements, during the three-month period ended March 31, 2025, the Company recorded a gain of $771, which is included under &#8220;<font style="font-style: italic;">Gain/(Loss) on debt extinguishment, net</font>&#8221; in the unaudited interim
              condensed consolidated income statement for the corresponding period.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="color: rgb(0, 0, 0);">A gain of approximately $1,083 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period ending March&#160;31, 2026 when realized.</div>
            <div><br>
            </div>
          </div>
          <div style="font-weight: bold;">Forward Freight Agreements (&#8220;FFAs&#8221;) and Bunker Swaps</div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The results of the Company&#8217;s freight derivatives and bunker swaps for the three-month periods ended March 31, 2024 and 2025 and the valuation of their open positions as at December 31, 2024
              and March 31, 2025 are presented in the tables below.</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-21</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div></div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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>
          <table cellspacing="0" cellpadding="0" id="z8259f1884a0d4d4a92900a90468b97e5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">13.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Fair value measurements and Hedging - continued:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="font-weight: bold;">Fair value on a recurring basis - continued:</div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The amount of Gain/(Loss) on FFAs and bunker swaps, net and on interest rate swaps recognized in the unaudited interim condensed consolidated income statements, are analyzed as follows:</div>
            <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
            </div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">Three Months Ended March 31,</font><br>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top;">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top;">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Consolidated Income Statement</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">
                      <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Gain/(Loss) on derivative financial instruments, net</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Realized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">(1,785</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">52</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Urealized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">975</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Gain/(loss) recognized</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(810</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">52</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Interest and finance costs</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8)</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">1,183</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">551</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Gain/(loss) recognized</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">1,183</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">551</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Gain/(Loss) on FFAs and bunker swaps, net</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Realized gain/(loss) on FFAs</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">(2,706</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">132</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">Realized gain/(loss) on bunker swaps</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0);">714</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%;">
                      <div style="color: rgb(0, 0, 0);">Unrealized gain/(loss) on FFAs</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">(3,215</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">)</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: rgb(0, 0, 0);">598</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Unrealized gain/(loss) on bunker swaps</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">1,486</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Total Gain/(loss) recognized</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(5,921</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">2,930</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
            </div>
          </div>
          <div>The following table summarizes the valuation of the Company&#8217;s financial instruments as of December 31, 2024 and March 31, 2025, based on Level 1 quoted market prices in active markets.</div>
          <div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 22%; padding-bottom: 2px;">&#160;&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="14" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 22%; padding-bottom: 2px;">&#160;&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" rowspan="1" colspan="6" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31, 2024</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" rowspan="1" colspan="6" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">March 31, 2025</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;"><br>
                      </div>
                    </td>
                    <td style="vertical-align: bottom; font-weight: bold; width: 22%; border-bottom: 2px solid rgb(0, 0, 0);">Balance Sheet Location</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(not designated as cash flow hedges)</div>
                    </td>
                    <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; text-align: center;">&#160;</td>
                    <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(designated as cash flow hedges)</div>
                    </td>
                    <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; text-align: center;">&#160;</td>
                    <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(not designated as cash flow hedges)</div>
                    </td>
                    <td nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; text-align: center;">&#160;</td>
                    <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">(designated as cash flow hedges)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 26%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">ASSETS</div>
                    </td>
                    <td valign="bottom" style="vertical-align: top; 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: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                    <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%;">
                      <div style="color: rgb(0, 0, 0);">FFAs - current</div>
                    </td>
                    <td valign="bottom" style="vertical-align: top; width: 22%;">
                      <div style="color: rgb(0, 0, 0);">Derivatives, current asset portion</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                      <div style="color: rgb(0, 0, 0);">65</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                      <div style="color: rgb(0, 0, 0);">817</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Bunker swaps - current</div>
                    </td>
                    <td valign="bottom" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Derivatives, current asset portion</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">63</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">1,549</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                    </td>
                    <td valign="bottom" style="vertical-align: top; width: 22%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">128</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">2,366</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">LIABILITIES</div>
                    </td>
                    <td valign="bottom" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">FFAs - current</div>
                    </td>
                    <td valign="bottom" style="vertical-align: top; width: 22%; padding-bottom: 2px;">
                      <div style="color: rgb(0, 0, 0);">Derivatives, current liability portion</div>
                    </td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">153</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(0, 0, 0);">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                    </td>
                    <td valign="bottom" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">153</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                    </td>
                    <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>

              </table>
            </div>
            <div><br>
            </div>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-22</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z0b94a19769114ef69e33197edffc51b3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">13.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Fair value measurements and Hedging - continued:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="font-weight: bold;">Fair value on a recurring basis - continued:</div>
          <div><br>
          </div>
          <div style="text-align: justify;">The following table summarizes the valuation of the Company&#8217;s derivative financial instruments as of December 31, 2024 and March 31, 2025, based on Level 2 observable market based inputs or unobservable inputs
            that are corroborated by market data.</div>
          <div style="text-align: justify;"> <br>
          </div>
          <div style="text-align: justify;">
            <table cellspacing="0" cellpadding="0" class="cfttable" id="z4302bb20f34547ed80fedab7ea67a8ff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="15" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Significant Other Observable Inputs (Level 2)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31, 2024</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">March 31, 2025</div>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;"><br>
                    </div>
                  </td>
                  <td style="vertical-align: bottom; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">Balance Sheet Location</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(not designated as cash flow hedges)</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(designated as cash flow hedges)</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(not designated as cash flow hedges)</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(designated as cash flow hedges)</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">ASSETS</div>
                  </td>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 26%;">
                    <div style="color: rgb(0, 0, 0);">Interest rate swaps - current</div>
                  </td>
                  <td valign="bottom" style="vertical-align: top; width: 26%;">
                    <div style="color: rgb(0, 0, 0);">Derivatives, current asset portion</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">2,049</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0);">976</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Interest rate swaps - non-current</div>
                  </td>
                  <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Derivatives, non-current asset portion</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">330</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">88</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 26%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
                  </td>
                  <td valign="bottom" style="vertical-align: top; width: 26%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">2,379</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">1,064</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>

            </table>
          </div>
          <br>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Certain of the Company&#8217;s derivative financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under
              such financial instruments, which as of December 31, 2024 and March 31, 2025 amounted to $732 and $1,217 respectively, and are included within &#8220;<font style="font-style: italic;">Restricted cash, current</font>&#8221; in the consolidated balance
              sheets.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial
              instruments. The fair value of long-term bank loans and financing under bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of March 31, 2025, due to the variable interest rate nature
              thereof.</div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z7b69329e06d44f49aee132eb74cfd6cb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">14.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Other operational gain:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify;">During the three-month period ended March 31, 2025, the Company recorded a gain of $12,037 under &#8220;<font style="font-style: italic;">Other Operational Gain</font>&#8221; in the unaudited interim condensed consolidated
            income statement. This gain primarily includes: (a) insurance proceeds of $2,298 pursuant to war risk insurance policy in connection with the prolonged detainment of one of the Company&#8217;s vessels in Ukraine in 2022; (b) the extinguishment of a
            $4,066 liability related to a supplier that the Company no longer is expected to require settlement; and (c) the reversal of previously accrued expenses totaling $5,200, following the Company&#8217;s determination that no further invoices would be
            received to settle these accruals. During the three-month period ended March 31, 2024, the Company recorded a gain of $1,617, primarily derived from various insurance claims.</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z2272df867e0b45a6bca3779fb6204748" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">15.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Voyage revenues:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the three-month periods ended March 31, 2024 and 2025, as presented in the
              unaudited interim condensed consolidated income statements:</div>
          </div>
          <div><br>
          </div>
          <div>
            <table align="center" cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zec0a4d18b9c94d25aecbe375df2bc698" style="width: 60%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

                <tr>
                  <td valign="bottom" rowspan="1" style="vertical-align: top; padding-bottom: 2px; width: 64%;">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="7" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">Three months ended March 31,</font><br>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 64%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 64%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%;">
                    <div style="color: rgb(0, 0, 0);">Time charters</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%;">
                    <div style="color: rgb(0, 0, 0);">141,710</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: rgb(0, 0, 0);">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%;">
                    <div style="color: rgb(0, 0, 0);">147,861</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Voyage charters</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: 15%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">121,058</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: 15%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">80,883</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Pool revenues</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">(3,378</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">)</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: rgb(0, 0, 0);">1,906</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">259,390</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">230,650</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>

            </table>
          </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-23</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div>&#160;</div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" id="zef5a5364271647a986e328ecfb1ab1bc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

                <tr>
                  <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">15.</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">Voyage revenues &#8211; continued:</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">As of March 31, 2025, trade accounts receivable from voyage charter agreements decreased to $19,245 from $24,512 as of December 31, 2024 and are presented under &#8220;<font style="font-style: italic;">Trade accounts receivable, net</font>&#8221; in the consolidated balance sheets. The outstanding balance is mainly affected by the timing of commencement of revenue recognition and from the lower charter rates prevailing during the three
            months ended March 31, 2025. No write-off was recorded in periods presented in connection with the voyage charter agreements.</div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Further, as of March 31, 2025, capitalized contract fulfilment costs which are recorded under &#8220;<font style="font-style: italic;">Other current assets</font>&#8221; decreased by $420 compared to
              December 31, 2024, to $4,013 from $4,433. The outstanding balance is mainly affected by the timing of commencement of revenue recognition.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $6,075 as unearned revenue related to
              voyages charter agreements in progress as of December 31, 2024, which were recognized in earnings in the three-month period ended March 31, 2025 as the performance obligations were satisfied in that period. In addition, the Company recorded
              $4,910 as unearned revenue related to voyage charter agreements in progress as of March 31, 2025, which is presented under &#8220;Deferred revenue&#8221; in the consolidated balance sheets and will be recognized in earnings within one year as the
              performance obligations will be satisfied.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The amount invoiced to charterers in connection with the additional revenue for scrubber-fitted vessels under time-charter contracts (included within &#8220;<font style="font-style: italic;">Time
                charters</font>&#8221; in the above table) was $15,536 and $7,794 for the three-month periods ended March 31, 2024 and 2025, respectively, and did not include the fuel cost savings gained from the scrubber-fitted vessels which were employed under
              voyage charter agreements.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Demurrage income for the three-month periods ended March 31, 2024 and 2025 amounted to $4,342 and $2,348, respectively, and is included within &#8220;<font style="font-style: italic;">Voyage
                charters</font>&#8221; in the above table.</div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">The adjustment to Company&#8217;s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels as determined in accordance with the agreed-upon
              formula, for the three-month periods ended March 31, 2024 and 2025 was $(3,360) and&#160;$1,906, respectively, and is included within &#8220;<font style="font-style: italic;">Pool revenues</font>&#8221; in the table above. Pool revenues for the three-month
              period ended March 31, 2024, also include other minor participation adjustments.</div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">As discussed in Note 1, during the three-month periods ended March 31, 2024 and 2025, respectively, the Company chartered-in a number of third-party vessels, to increase its operating capacity in order to satisfy
            its clients&#8217; needs. Revenues generated from those charter-in vessels during the three-month periods ended March 31, 2024 and 2025, amounted to $8,436 and $20,126, respectively, and are included in &#8220;<font style="font-style: italic;">Voyage
              revenues</font>&#8221; in the consolidated income statements, out of which $3,022 and $8,549, respectively, constitute sublease income deriving from time charter agreements.</div>
          <div>
            <div><br>
            </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-24</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin-top: 4px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
          </div>
          <div style="font-weight: bold;"> <br>
          </div>
          <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
            Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
          <div style="font-weight: bold;">March 31, 2025</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><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z2bccdcd7911e472895b0f1185ccb8b25" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">16.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Subsequent Events:</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On April 23, 2025, in connection with the sale of the vessel <font style="font-style: italic;">Strange Attractor </font>(Note 5)<font style="font-style: italic;">,</font> the Company prepaid an amount of $3,990, corresponding to the vessel&#8217;s outstanding loan amount under the NBG $151,085 Facility.</div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In April 2025 and May 2025, the Company agreed to sell the vessels <font style="font-style: italic;">Puffin Bulker, Star Canary, Star
              Petrel, Oriole</font> and <font style="font-style: italic;">Star Georgia,</font> respectively. On May 20, 2025, the vessel <font style="font-style: italic;">Puffin Bulker </font>was delivered to its new owners<font style="font-style: italic;">.</font> The vessels <font style="font-style: italic;">Star Canary </font>and<font style="font-style: italic;"> Oriole</font> are expected to be delivered to their new owners by June 2025, while vessels <font style="font-style: italic;">Star Petrel </font>and<font style="font-style: italic;"> Star Georgia</font> are expected to be delivered to their new owners by July 2025.</div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On April 24, 2025 and May 6, 2025, the vessels <font style="font-style: italic;">Strange Attractor</font> and <font style="font-style: italic;">Bittern </font>were delivered to their new owners, respectively. Overall, in connection with the sales of the vessels (as discussed in Notes 5 and 16b), the Company expects to collect total proceeds of $80,859, make debt prepayments
            of $22,167 and recognize a loss on sale of approximately $8,000.</div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In April 2025, the Company entered into a loan agreement with E.SUN for a loan amount of up to $130,000 (the &#8220;ESUN $130,000 Facility&#8221;) for
            the post-delivery financing of the five Kamsarmax vessels currently under construction (Note 5).&#160; The ESUN $130,000 Facility will mature seven years after drawdown and will be secured by first priority mortgages on the five newbuilding vessels
            under construction.</div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On May 14, 2025, in connection with the sale of the vessel <font style="font-style: italic;">Puffin Bulker </font>(Note 16b),<font style="font-style: italic;">&#160;</font>the Company prepaid an amount of $4,593, corresponding to the vessel&#8217;s outstanding loan amount under the ABN AMRO $94,100 Facility.</div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On May 14, 2025, the Company&#8217;s Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about June 20, 2025 to
            all shareholders of record as of June 6, 2025.</div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to the Share Repurchase Program in May 2025, the Company repurchased 1,006,115 shares, in open market transactions at an average
            price of $16.15 per share for an aggregate consideration of $16,245.</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
        </div>
      </div>
    </div>
    <br>
  </div>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-25</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Cravath, Swaine & Moore LLP
         Document created using Broadridge PROfile 25.3.1.5296
         Copyright 1995 - 2025 Broadridge -->
  </head>
<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 99.2</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;"> <img width="435" border="0" height="108" src="image01.jpg"></div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;">STAR BULK CARRIERS CORP. REPORTS NET PROFIT OF $0.5 MILLION</div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;">FOR THE FIRST QUARTER OF 2025,</div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;">AND DECLARES QUARTERLY DIVIDEND OF $0.05 PER SHARE</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-weight: bold;">ATHENS, GREECE, May 14, 2025</font> &#8211; Star Bulk Carriers Corp. (the &#8220;Company&#8221; or &#8220;Star Bulk&#8221;) (Nasdaq: SBLK), a
      global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the first quarter of 2025 and the amendment of its dividend policy to pay a minimum quarterly dividend of
      $0.05 per share. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated
      subsidiaries.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;"><u>Financial Highlights</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial;"> </div>
    <div style="font-family: Arial;">
      <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="z1c86f4c799dc410782ceb48d06ab5e33" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;
              <div style="color: #000000; font-family: Arial;">(Expressed in thousands of U.S. dollars,</div>
              <div style="color: #000000; font-family: Arial;">except for daily rates and per share data)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" 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-family: Arial; font-weight: bold;">First quarter 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" 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-family: Arial; font-weight: bold;">First quarter 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Voyage Revenues</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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">230,650</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</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: #000000; font-family: Arial;">259,390</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Net income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">462</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">74,856</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Adjusted Net (loss) / income <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" style="font-weight: normal; color: rgb(255, 0, 0); font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-weight: normal; color: rgb(255, 0, 0); font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div>$&#160;</div>
            </td>
            <td valign="bottom" style="font-weight: normal; color: rgb(255, 0, 0); font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div>(7,738</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="font-weight: normal; color: rgb(255, 0, 0); font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</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: #000000; font-family: Arial;">73,239</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Net cash provided by operating activities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">48,508</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">114,262</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">57,992</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</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: #000000; font-family: Arial;">126,336</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">48,970</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">122,965</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Earnings per share basic and diluted</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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">0.00</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</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: #000000; font-family: Arial;">0.89</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Adjusted (loss) / earnings per share basic and diluted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" style="font-weight: normal; color: rgb(255, 0, 0); font-family: Arial; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-weight: normal; color: rgb(255, 0, 0); font-family: Arial; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div>$&#160;</div>
            </td>
            <td valign="bottom" style="font-weight: normal; color: rgb(255, 0, 0); font-family: Arial; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>(0.07</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="font-weight: normal; color: rgb(255, 0, 0); font-family: Arial; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">0.87</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Dividend per share for the relevant period</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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">0.05</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</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: #000000; font-family: Arial;">0.75</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Average Number of Vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">150.7</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: rgb(0, 0, 0); font-family: Arial;">113.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">TCE Revenues <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" 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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">159,278</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</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: #000000; font-family: Arial;">195,664</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Daily Time Charter Equivalent Rate (&#8220;TCE&#8221;) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">12,439</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">19,627</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Daily OPEX per vessel <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" 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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">5,008</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</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: #000000; font-family: Arial;">4,962</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Daily OPEX per vessel (as adjusted) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">4,898</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">4,962</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Daily Net Cash G&amp;A expenses per vessel <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
            </td>
            <td valign="bottom" 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">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">1,319</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</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: #000000; font-family: Arial;">1,223</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>

      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z694343630e554111a451a88f2cfe3e48" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-style: italic;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-style: italic;">Adjusted Net (loss) / income, Adjusted (loss) / earnings per share basic and diluted are non-GAAP measures. Please see EXHIBIT I at the end of this release for a
              reconciliation to Net income and earnings per share basic and diluted, which are the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States (&#8220;U.S.
              GAAP&#8221;), as well as for the definition of each measure.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z8d3702af09cf42789a65c3aca9e991dd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-style: italic;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-style: italic;">EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash
              Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, as well as for the definition of each measure. To derive Adjusted EBITDA from EBITDA,
              we exclude certain non-cash gains / (losses).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z1603995d4dbc476ca90b71d24fdf55d7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-style: italic;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-style: italic;">Daily Time Charter Equivalent Rate (&#8220;TCE&#8221;) and TCE Revenues are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues,
              which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. The definition of each measure is provided in footnote (7) to the Summary of Selected Data table below.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze00fe310a8754ac4ada105484d12cf55" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-style: italic;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-style: italic;">Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (as adjusted) is calculated by dividing
              vessel operating expenses excluding pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. In the future we may incur expenses that are the same as or similar to certain expenses (as described
              above) that were previously excluded.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb254fdfc02f7492eaf3097fa9612dac0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9.35pt;"><br>
          </td>
          <td style="width: 26.65pt; vertical-align: top; font-family: Arial; font-style: italic;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-style: italic;">Daily Net Cash G&amp;A expenses per vessel is calculated by (1)&#160;adding the Management fee expense to the General and Administrative expenses, net of share-based compensation
              expense and other non-cash charges and (2)&#160;then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I at the end of this release for a reconciliation to General and administrative expenses,
              which is the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Petros Pappas, Chief Executive Officer of Star Bulk, commented:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">&#8220;Despite the seasonal market weakness during the first quarter 2025, Star Bulk remained in the black with Net Income of $0.5 million, EBITDA of $58.0 million and
      TCE per vessel per day of $12,439.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">Our disciplined capital allocation strategy continues to prioritize shareholder value by combining dividends and share buybacks. The Board declared a $0.05 per
      share dividend, marking our 17th consecutive quarter of capital returns, totaling ~$1.35 billion to date. Using vessel sales proceeds at net asset value, we repurchased approximately 1.3 million shares, at prices significantly below net asset value,
      capitalizing on recent market dislocations to enhance shareholder returns. Going forward, we plan to remain committed to this strategy.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">On the S&amp;P front, we continue to selectively dispose of older and smaller tonnage that does not fit our commercial profile, having agreed to sell an
      additional five Supramax vessels. Operationally, we significantly surpassed our $50.0 million cost and revenue synergy target, delivering meaningful cost savings to our shareholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">With over $500.0 million in liquidity, net debt below scrap value and 13 unencumbered vessels, we believe we are well-positioned to seize opportunities in the
      dry bulk market. Despite the global market volatility, and the uncertain effect of tariffs on global economic growth and trade, we are constructive about the medium/longer-term prospects of our industry, supported by a favorable order book and the
      IMO&#8217;s recent decision to implement global market-based measures to reduce GHG emissions, a decision that will effectively reduce supply of tonnage.&#8221;</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">2</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-style: italic; font-weight: bold;"><u>Recent Developments</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Declaration of Dividend</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">On May 14, 2025, our Board of Directors decided to amend our previously approved Dividend Policy. Under the new Dividend Policy, Star Bulk will pay a minimum quarterly dividend of
      $0.05 per share going forward. The policy otherwise remains unchanged. On the same date, our Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about June 20, 2025 to all shareholders of record as of June 6, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Share Repurchase Program &amp; Shares Outstanding Update</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">During the first quarter of 2025, we repurchased 1,281,558 common shares, in open market transactions at an average price of $15.24 per share for an aggregate consideration,
      including commissions, of $19.6 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">As of the date of this release, we have 116,781,423 shares outstanding and $74.4 million outstanding under our share repurchase program of up to an aggregate of $100.0 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Fleet Update</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;"><u>Vessels&#8217; S&amp;P</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">The sale of the vessel <font style="font-style: italic;">Bittern</font>, as previously announced, was completed on May 6, 2025 when the vessel
      was delivered to its new owners. In February 2025, we agreed to sell the vessels <font style="font-style: italic;">Star Omicron</font> and <font style="font-style: italic;">Strange
        Attractor</font>, which were delivered to their new owners in March 2025 and April 2025, respectively<font style="font-style: italic;">. </font>In addition, in April 2025 and May 2025, we agreed to sell the
      vessels <font style="font-style: italic;">Puffin Bulker, Star Canary </font>and<font style="font-style: italic;"> Star Petrel</font>,<font style="font-style: italic;">&#160;</font>with the first two vessels expected to be delivered to their new owners within the second quarter of 2025 and the third vessel expected to be delivered in July 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Financing</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In February 2025, as previously announced, we prepaid the outstanding amount of $7.8 million under the SEB $39.0 million facility and we terminated the respective interest rate swap
      agreements with Skandinaviska Enskilda Banken AB.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In March 2025, we signed the Fubon $43.0 million facility, as previously announced, and an amount of $43.0 million was drawn on March 26, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In April 2025, we signed the loan agreement with E.SUN for a loan amount of up to $130.0 million (the &#8220;ESUN $130.0 million Facility&#8221;) for the post-delivery financing of the five
      Kamsarmax vessels currently under construction.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">During the first quarter of 2025, in connection with the sale of the vessels <font style="font-style: italic;">Bittern</font> and <font style="font-style: italic;">Star Omicron</font>, we prepaid an aggregate amount of $8.6 million under their respective loan facilities. In addition, in April 2025 and in May 2025, in connection with the sale of
      the vessels <font style="font-style: italic;">Strange Attractor </font>and <font style="font-style: italic;">Puffin Bulker,</font> we prepaid an aggregate amount of $8.6
      million under the vessels&#8217; loan facilities. During the second quarter of 2025, we expect to make a debt prepayment of approximately $9.7 million under the vessels <font style="font-style: italic;">Star Canary </font>and<font style="font-style: italic;"> Star Petrel</font> loan facilities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Following the completion of all vessel sales described above, we will have 13 unencumbered vessels. We expect to collect total net proceeds of approximately $44.4 million and $12.5
      million during the second and third quarter of 2025, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Interest Rate Swaps</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Following a number of interest rate swaps we have entered into, we currently have an outstanding total notional amount of $36.8 million under our financing agreements with an
      average fixed rate of 56 bps and an average remaining maturity of 1.0 year. As of March 31, 2025, the Mark-to-Market value of our outstanding interest rate swaps stood at $1.2 million, and our cumulative net realized gain amounted to $39.6 million.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic; font-weight: bold;"><u>Vessel Employment Overview</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Time Charter Equivalent Rate (&#8220;TCE rate&#8221;) is a non-GAAP measure. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly
      comparable financial measure calculated and presented in accordance with U.S. GAAP.</div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;">For the first quarter of 2025 our TCE rate per main vessel category was as follows:</div>
    <div><br>
    </div>
    <div style="font-family: Arial;">
      <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="z7f5ce7d21e9243f18645e050f172fb22" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; font-family: Arial; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-family: Arial;">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-family: Arial;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Capesize / Newcastlemax 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">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">20,245</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Post Panamax / Kamsarmax / Panamax Vessels:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</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); font-family: Arial;">10,193</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: 88%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Ultramax / Supramax 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">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</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); font-family: Arial;">10,596</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>

      </table>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</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>
    <!--PROfilePageNumberReset%Num%5%%%-->
    <div><br>
    </div>
    <div style="font-family: Arial; font-style: italic;">Amounts shown throughout the press release and variations in period&#8211;over&#8211;period comparisons are derived from the actual unaudited numbers in our books and records.
      Reference to per share figures below are based on 117,431,435 and 84,177,253 weighted average diluted shares for the first quarter of 2025 and 2024, respectively.</div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>First Quarter 2025 and 2024 Results</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">For the first quarter of 2025, we had net income of $0.5 million, or $0.00 earnings per share, compared to net income for the first quarter of 2024 of $74.9 million, or $0.89
      earnings per share. Adjusted net loss, which excludes certain non-cash&#160; items, was $7.7 million, or $0.07 adjusted loss per share, for the first quarter of 2025, compared to an adjusted net income of $73.2 million for the first quarter of 2024, or
      $0.87 adjusted earnings per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Net cash provided by operating activities for the first quarter of 2025 was $48.5 million, compared to $114.3 million for the first quarter of 2024. Adjusted EBITDA, which excludes
      certain non-cash items, was $49.0 million for the first quarter of 2025, compared to $123.0 million for the first quarter of 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Voyage revenues for the first quarter of 2025 decreased to $230.7 million from $259.4 million in the first quarter of 2024 and Time charter equivalent revenues (&#8220;TCE Revenues&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>
      decreased to $159.3 million for the first quarter of 2025, compared to $195.7 million for the first quarter of 2024. The decrease in both Voyage revenues and TCE Revenues, despite the increase in the average number of vessels in our fleet to 150.7
      from 113.3 during the relevant periods, is attributable to the significant decrease in charter rates. TCE rate for the first quarter of 2025 was $12,439 per day compared to $19,627 per day for the first quarter of 2024 which is indicative of the
      weaker market conditions prevailing during the recent quarter.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Charter-in hire expenses for the first quarter of 2025 increased to $15.9 million compared to $3.9 million in the first quarter of 2024. The increase is mainly attributable to the
      increase in charter-in days to 1,072 in the first quarter of 2025 from 271 in the corresponding period in 2024, following the delivery of all six newbuilding vessels under long-term charter-in agreements during 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Vessel operating expenses for the first quarter of 2025 increased to $67.9 million from $51.2 million in the first quarter of 2024, primarily due to the increase in the average
      number of vessels in our fleet to 150.7 from 113.3, as a result of the Eagle Merger. Daily operating expenses per vessel, excluding pre-delivery expenses due to change of management of $1.5 million amounted to $4,898 for the first quarter of 2025
      compared to $4,962 for the corresponding period of 2024 (where no pre-delivery expenses occurred). The almost same levels of daily operating expenses per vessel excluding pre-delivery expenses for the first quarters of 2025 and 2024, reflects our
      successful efforts to normalize the operating expenses of the legacy Eagle fleet to near pre-merger levels, approximately four quarters after the completion of the Eagle Merger.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Dry docking expenses for the first quarters of 2025 and 2024 were $24.7 million and $10.0 million, respectively. During the first quarter of 2025, 14 vessels completed their
      periodic dry docking surveys, while during the corresponding period in 2024, five vessels completed their periodic dry docking surveys. In addition, six vessels commenced their dry docking surveys in the first quarter of 2025 compared to one vessel
      which commenced its dry docking survey during the corresponding period in 2024, resulting in an overall increase in dry docking expenses.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">General and administrative expenses for the first quarters of 2025 and 2024 were $15.3 million and $10.7 million, respectively, which included share-based compensation of $1.6
      million and $2.2 million, respectively. Vessel management fees in the first quarter of 2025 increased to $5.6 million compared to $4.4 million for the corresponding period in 2024. Our daily net cash general and administrative expenses per vessel
      (including management fees and excluding share-based compensation and other non-cash charges) for the first quarter of 2025 amounted to $1,319 compared to $1,223 in the first quarter of 2024. We expect that our daily net cash G&amp;A expenses will
      improve further during the following quarters as a result of synergies from the Eagle&#160;Merger.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Depreciation expense increased to $43.0 million for the first quarter of 2025 compared to $32.0 million for the corresponding period in 2024. The increase is primarily driven by the
      increase in the average number of vessels in our fleet, as discussed above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Our results for the first quarter of 2025 include a loss from sale of vessels of $0.7 million, mainly in connection with the completion of the vessel <font style="font-style: italic;">Star Omicron</font> sale, as described above under the section &#8220;Fleet Update&#8221;. During the first quarter of 2024, we recognized an aggregate net gain of $8.8 million which resulted from the completion of four
      vessel sales.</div>
    <div><br>
    </div>
    <br>
    <br>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div style="font-family: Arial; font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1 </sup>Please see the table at the end of this release for the calculation of the TCE Revenues.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">During the first quarter of 2025, we recognized a gain on forward freight agreements (&#8220;FFAs&#8221;) and bunker swaps of $2.9 million, consisting of an unrealized gain of $2.1 million and
      a realized gain of $0.8 million. During the first quarter of 2024, we incurred a loss on FFAs and bunker swaps of $5.9 million, consisting of an unrealized loss of $3.2 million and a realized loss of $2.7 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Other operational gain for the first quarter of 2025 amounted to $12.0 million, mainly consisting of $2.3 million insurance proceeds pursuant to war risk insurance policy in
      connection with the prolonged detainment of one of our vessels in Ukraine in 2022 and $9.3 million related to the write-off of previously recorded accruals and liabilities that are no longer expected to require settlement. Other operational gain for
      the first quarter of 2024 amounted to $1.6 million and primarily derived from various insurance claims.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Interest income and other income/(loss) for the first quarters of 2025 and 2024 amounted to $4.7 million and $2.5 million, respectively. The increase is primarily attributable to a
      realized foreign exchange gain of $0.9 million resulting from the weakening of the Euro/USD exchange rate during the first quarter of 2025, compared to a foreign exchange loss of $0.7 million in the corresponding period of 2024 and to the higher
      interest earned in the first quarter of 2025, due to higher cash balances maintained, compared to the corresponding period in 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">6</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Unaudited Consolidated Income Statements</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial;">
      <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="z8a22af8b956244369fde1f806d90788a" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">First quarter 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">First quarter 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Revenues:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Voyage revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">230,650</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">259,390</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Total revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">230,650</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">259,390</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Expenses:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Voyage expenses</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(56,318</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(57,094</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Charter-in hire expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(15,900</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(3,926</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Vessel operating expenses</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(67,942</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(51,172</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Dry docking expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(24,677</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(10,021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Depreciation</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(42,954</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(31,990</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Management fees</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(5,600</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(4,404</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">General and administrative expenses</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(15,261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(10,695</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Gain/(Loss) on forward freight agreements and bunker swaps, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">2,930</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(5,921</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Other operational loss</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(1,156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(181</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Other operational gain</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">12,037</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">1,617</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Gain/(Loss) on sale of vessels</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: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(740</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; font-family: Arial;">)</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: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">8,769</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: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Operating income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">15,069</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">94,372</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Interest and finance costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(19,275</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(20,499</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Interest income and other income/(loss)</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">4,712</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">2,526</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Gain/(Loss) on derivative financial instruments, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">52</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(810</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Gain/(Loss) on debt extinguishment, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(65</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(813</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Total other expenses, 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: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">(14,576</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">(19,596</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); 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: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Income before taxes and equity in income/(loss) of investee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" 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 style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">493</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">74,776</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>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Income tax (expense)/refund</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">106</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Income before equity in income/(loss) of investee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">493</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">74,882</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Equity in income/(loss) of investee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(31</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(26</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Net income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">462</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">74,856</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>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Earnings per share, basic and diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">0.00</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">0.89</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Weighted average number of shares outstanding, basic</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">117,210,036</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: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">83,835,611</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Weighted average number of shares outstanding, diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">117,431,435</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">84,177,253</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Unaudited Consolidated Condensed Balance Sheet Data</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z30dc3f1cd8004155bd0cba4e56f4eed7" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top;">
              <div style="color: #000000; font-family: Arial; font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">March 31, 2025</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">December 31, 2024</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Cash and cash equivalents and resticted cash, current</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">432,237</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">436,284</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Other current assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">208,157</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">222,689</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">TOTAL CURRENT ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">640,394</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">658,973</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Advances for vessels under construction</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">28,491</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">27,526</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%;">
              <div style="color: #000000; font-family: Arial;">Vessels and other fixed assets, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">3,162,767</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">3,208,357</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Restricted cash, non current</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">4,606</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">4,596</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Other non-current assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">180,190</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">186,926</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">TOTAL ASSETS</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">4,016,448</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">4,086,378</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Current portion of long-term bank loans and lease financing</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">215,000</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">223,878</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Other current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">173,227</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">175,934</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">TOTAL CURRENT LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">388,227</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">399,812</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial;">Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of $7,346 and $7,657, respectively)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">1,025,426</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">1,047,659</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: Arial;">Other non-current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">150,139</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">157,132</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">TOTAL LIABILITIES</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">1,563,792</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">1,604,603</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">SHAREHOLDERS&#8217; EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">2,452,656</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">2,481,775</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 77.61%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">4,016,448</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 0.98%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.2%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">4,086,378</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Unaudited Consolidated Condensed Cash Flow Data</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">
      <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="zbf354cee8ebd4a89937268b65b2d7a8a" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Three months ended</div>
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;"> March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Three months ended</div>
              <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">March 31, 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-family: Arial; font-weight: bold;" rowspan="1" colspan="1">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-family: Arial;" rowspan="1" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; font-family: Arial;" rowspan="1" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-family: Arial; font-weight: bold; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">Net cash provided by / (used in) operating activities</td>
            <td valign="bottom" style="font-family: Arial; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">$</td>
            <td valign="bottom" style="font-family: Arial; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">48,508</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">$</td>
            <td valign="bottom" style="font-family: Arial; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">114,262</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; font-family: Arial; width: 76%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: Arial;">Acquisition of other fixed assets</div>
            </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">&#160;</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: #000000; font-family: Arial;">(95</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </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">&#160;</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: #000000; font-family: Arial;">(30</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: Arial;">Capital expenditures for acquisitions/vessel modifications/upgrades and advances for vessels under construction</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(7,226</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(22,018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: Arial;">Cash proceeds from vessel sales</div>
            </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">&#160;</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: #000000; font-family: Arial;">8,351</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="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">&#160;</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: #000000; font-family: Arial;">94,021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
              <div style="color: #000000; font-family: Arial;">Hull and machinery insurance proceeds</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">8,391</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="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">591</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Net cash provided by / (used in) investing activities</div>
            </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">&#160;</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: #000000; font-family: Arial; font-weight: bold;">9,421</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="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">&#160;</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: #000000; font-family: Arial; font-weight: bold;">72,564</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; font-family: Arial; width: 76%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: Arial;">Proceeds from vessels&#8217; new debt</div>
            </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">&#160;</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: #000000; font-family: Arial;">228,000</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="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">&#160;</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: #000000; font-family: Arial;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: Arial;">Scheduled vessels&#8217; debt repayment</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(52,415</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(44,648</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: Arial;">Debt prepayment due to refinancing and vessel sales</div>
            </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">&#160;</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: #000000; font-family: Arial;">(207,008</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </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">&#160;</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: #000000; font-family: Arial;">(97,247</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%;" colspan="1">
              <div style="color: #000000; font-family: Arial;">Financing and debt extinguishment fees paid</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(578</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(133</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: Arial;">Repurchase of common shares</div>
            </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">&#160;</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: #000000; font-family: Arial;">(19,553</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </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">&#160;</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: #000000; font-family: Arial;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 76%; padding-bottom: 2px;" colspan="1">
              <div style="color: #000000; font-family: Arial;">Dividends paid</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(10,412</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">(38,003</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">Net cash provided by / (used in) financing activities</div>
            </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">&#160;</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: #000000; font-family: Arial; font-weight: bold;">(61,966</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">)</div>
            </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">&#160;</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: #000000; font-family: Arial; font-weight: bold;">(180,031</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: #000000; font-family: Arial; font-weight: bold;">)</div>
            </td>
          </tr>

      </table>
    </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">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="font-family: Arial; font-weight: bold;"><u>Summary of Selected Data</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z9445af1926044e9d88b2ebfb5714d0b0" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">First quarter 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">First quarter 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Average number of vessels (1)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">150.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">113.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Number of vessels (2)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">150</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">111</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Average age of operational fleet (in years) (3)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">12.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">11.9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Ownership days (4)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">13,566</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">10,314</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Available days (5)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">12,805</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">9,969</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Charter-in days (6)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">1,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">271</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Daily Time Charter Equivalent Rate (7)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">12,439</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">19,627</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Daily OPEX per vessel (8)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">5,008</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">4,962</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: #000000; font-family: Arial;">Daily OPEX per vessel (as adjusted) (8)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">4,898</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">4,962</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: #000000; font-family: Arial;">Daily Net Cash G&amp;A expenses per vessel (9)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">1,319</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: Arial;">1,223</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(1) Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days
      each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period.</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(2) As of the last day of each period presented.</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(3) Average age of our operational fleet is calculated as of the end of each period.</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(4) Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback
      transactions and finance leases.</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(5) Available days are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management
      and vessels&#8217; improvements and upgrades. Our method of computing Available&#160;Days may&#160;not necessarily be comparable to Available Days of other companies.</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(6) Charter-in days are the total days that we charter-in third party vessels.</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(7) Time charter equivalent rate<font style="color: #000000;">&#160;</font>represents the weighted average daily TCE rates of our
      operating fleet (including owned fleet and charter-in vessels). TCE rate is a measure of the average daily net revenue performance of our operating fleet. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists
      of Voyage Revenues net of voyage expenses, charter-in hire expense, amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements
      (&#8220;FFAs&#8221;) and bunker swaps by (b) Available days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above.<font style="color: #000000;">&#160;</font>Voyage
      expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include
      the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used by some of our peers. TCE Revenues and TCE rate, which are non-GAAP
      measures, provide additional meaningful information in conjunction with Voyage Revenues, the most directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we
      believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company&#8217;s performance despite
      changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. Our method of computing TCE Revenues and TCE rate may&#160;not necessarily be
      comparable to those of other companies. For a detailed calculation please see EXHIBIT I at the end of this release with the reconciliation of Voyage Revenues to TCE.</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(8) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days. Daily OPEX per vessel (as adjusted) is calculated by dividing
      vessel operating expenses excluding pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. We exclude the abovementioned expenses that may occur occasionally from our Daily OPEX per vessel, since
      these generally represent items that we would not anticipate occurring as part of our normal business on a regular basis. We believe that Daily OPEX per vessel (as adjusted) is a useful measure for our management and investors for period to period
      comparison with respect to our operating cost performance since such measure eliminates the effects of the items described above, which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall
      operating performance. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded. Vessel operating expenses for the first quarter of 2025 included pre-delivery expenses
      due to change of management of $1.5 million while no pre-delivery expenses incurred in the first quarter of 2024.</div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">(9) Please see EXHIBIT I at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable GAAP measure. We
      believe that Daily Net Cash G&amp;A expenses per vessel is a useful measure for our management and investors for period to period comparison with respect to our financial performance since such measure eliminates the effects of non-cash items which
      may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that
      were previously excluded.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>EXHIBIT I: Non-GAAP Financial Measures</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>EBITDA and Adjusted EBITDA Reconciliation</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position, and we believe that it
      presents useful information to investors regarding our ability to service and/or incur indebtedness.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels, share-based compensation expense, impairment loss, loss from bad
      debt, unrealized gain/(loss) on derivatives and the equity in income/(loss) of investee, write-off of accruals and current liabilities and other non-cash charges, if any, which may vary from period to period and for different companies and because
      these items do not reflect operational cash inflows and outflows of our fleet.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or Net income, as determined by United States
      generally accepted accounting principles, or U.S. GAAP. Our method of computing EBITDA and Adjusted EBITDA may not necessarily be comparable to other similarly titled captions of other companies.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">The following table reconciles net cash provided by operating activities to EBITDA and Adjusted EBITDA:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z50b990044caf4be69eb6d8070cca2a13" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Net cash provided by/(used in) operating activities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">48,508</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">114,262</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Net decrease/(increase) &#160;in operating assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(7,189</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">2,383</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Net increase/(decrease) in operating &#160;liabilities, excluding operating lease liability and including other non-cash charges</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: rgb(0, 0, 0); font-family: Arial;">(6,147</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); font-family: Arial;">)</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: rgb(0, 0, 0); font-family: Arial;">(11,069</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); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Gain/(Loss) on debt extinguishment, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(65</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(813</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Share &#8211; based compensation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(1,619</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); font-family: Arial;">)</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: rgb(0, 0, 0); font-family: Arial;">(2,161</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); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Amortization of debt (loans &amp; leases) issuance costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(824</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(779</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Unrealized gain/(loss) on forward freight agreements and bunker swaps, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">2,084</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: rgb(0, 0, 0); font-family: Arial;">(3,215</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); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Unrealized gain/(loss) on interest rate swaps, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">-</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: rgb(0, 0, 0); font-family: Arial;">(975</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Total other expenses, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">14,576</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: rgb(0, 0, 0); font-family: Arial;">19,596</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Write-off of accruals and current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">9,266</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: rgb(0, 0, 0); font-family: Arial;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Income tax expense/(refund)</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: rgb(0, 0, 0); font-family: Arial;">-</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: rgb(0, 0, 0); font-family: Arial;">(106</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); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Gain/(Loss) on sale of vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(740</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">8,769</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Gain from Hull &amp; Machinery claim</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: rgb(0, 0, 0); font-family: Arial;">173</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: rgb(0, 0, 0); font-family: Arial;">470</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Equity in income/(loss) of investee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(31</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-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(26</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-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">EBITDA</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">57,992</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">126,336</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Equity in (income)/loss of investee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">31</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: rgb(0, 0, 0); font-family: Arial;">26</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; font-family: Arial; width: 76%;" rowspan="1">Unrealized (gain)/loss on forward freight agreements and bunker swaps, net</td>
            <td valign="bottom" style="font-family: Arial; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1" class="cftnumcell">(2,084</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">)</td>
            <td valign="bottom" style="font-family: Arial; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-family: Arial; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1" class="cftnumcell">3,215</td>
            <td valign="bottom" nowrap="nowrap" style="font-family: Arial; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(Gain)/Loss on sale of vessels</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: rgb(0, 0, 0); font-family: Arial;">740</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: rgb(0, 0, 0); font-family: Arial;">(8,769</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); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Write-off of accruals and current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(9,266</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Share-based compensation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">1,619</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">2,161</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Other non-cash charges</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(62</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-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(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-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Adjusted EBITDA</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">48,970</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">122,965</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Net income and Adjusted Net (loss) / income Reconciliation and Calculation of Adjusted (loss) / earnings Per Share</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">To derive Adjusted Net (loss) / income and Adjusted (loss) / earnings Per Share from Net Income, we exclude non-cash items, as provided in the table below. We believe that Adjusted
      Net (loss)/ income and Adjusted (loss) / earnings per share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of non-cash items such as
      gain/(loss) on sale of assets, unrealized gain/(loss) on derivatives, impairment loss, write-off of accruals and current liabilities which may vary from period to period, for reasons unrelated to overall operating performance. In addition, we believe
      that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our
      method of computing Adjusted Net (loss) / income and Adjusted (loss) / earnings per share may not necessarily be comparable to other similarly titled captions of other companies. In the future we may incur expenses that are the same as or similar to
      certain expenses, as described above, that were previously excluded.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="za7c527ca55c049d5b9867b24881207e3" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; font-family: Arial; font-style: italic; padding-bottom: 2px;">(Expressed in thousands of U.S. dollars except for share and per share data)</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Net income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">462</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">74,856</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Share &#8211; based compensation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">1,619</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: rgb(0, 0, 0); font-family: Arial;">2,161</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Other non-cash charges</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: rgb(0, 0, 0); font-family: Arial;">(62</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); font-family: Arial;">)</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: rgb(0, 0, 0); font-family: Arial;">(4</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); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Unrealized (gain)/loss on forward freight agreements and bunker swaps, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(2,084</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">3,215</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Unrealized (gain)/loss on interest rate swaps, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">-</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: rgb(0, 0, 0); font-family: Arial;">975</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Gain/(Loss) on sale of vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">740</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: rgb(0, 0, 0); font-family: Arial;">(8,769</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Write-off of accruals and 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: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(9,266</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); font-family: Arial;">)</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: rgb(0, 0, 0); font-family: Arial;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(Gain)/Loss on debt extinguishment, net (non-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">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">822</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: rgb(0, 0, 0); font-family: Arial;">779</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Equity in (income)/loss of investee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">31</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">26</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Adjusted Net (loss) / income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">(7,738</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">73,239</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Weighted average number of shares outstanding, basic</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: rgb(0, 0, 0); font-family: Arial;">117,210,036</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: rgb(0, 0, 0); font-family: Arial;">83,835,611</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Weighted average number of shares outstanding, diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">117,431,435</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: rgb(0, 0, 0); font-family: Arial;">84,177,253</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Adjusted basic and diluted (loss) /earnings per share</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">(0.07</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">0.87</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <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-family: Arial; font-weight: bold;"><u>Voyage Revenues to Daily Time Charter Equivalent (&#8220;TCE&#8221;) Reconciliation</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z1abc8f343ed3432abd65a5675887e8b1" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic;">(In thousands of U.S. Dollars, except for TCE rates)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Voyage revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">230,650</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">259,390</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic;">Less:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Voyage expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(56,318</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); font-family: Arial;">)</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: rgb(0, 0, 0); font-family: Arial;">(57,094</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); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Charter-in hire expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(15,900</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(3,926</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Realized gain/(loss) on FFAs/bunker swaps, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">846</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(2,706</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: rgb(0, 0, 0); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Time Charter equivalent revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">159,278</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">195,664</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Available days</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">12,805</div>
            </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; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">9,969</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Daily Time Charter Equivalent Rate (&#8220;TCE&#8221;)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">12,439</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">19,627</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><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;"><u>Daily Net Cash G&amp;A expenses per vessel Reconciliation</u></div>
    <div><br>
    </div>
    <div style="font-family: Arial;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z59aebe58383e4782a5f5868091e7cbc9" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic;">(In thousands of U.S. Dollars, except for daily rates)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">First quarter 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">General and administrative expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">15,261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">10,695</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic;">Plus:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Management fees</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">5,600</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: rgb(0, 0, 0); font-family: Arial;">4,404</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic;">Less:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Share &#8211; based compensation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">(1,619</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); font-family: Arial;">)</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: rgb(0, 0, 0); font-family: Arial;">(2,161</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); font-family: Arial;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Other non-cash charges</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">62</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">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">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Net Cash G&amp;A expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">19,304</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">12,942</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Ownership days</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: rgb(0, 0, 0); font-family: Arial;">13,566</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: rgb(0, 0, 0); font-family: Arial;">10,314</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Charter-in days</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">1,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">271</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Daily Net Cash G&amp;A expenses per vessel</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">1,319</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">1,223</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
    </div>
    <div><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">12</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;">Conference Call details:</div>
    <div style="text-align: justify; font-family: Arial;">Our management team will host a conference call to discuss our financial results on Thursday, May 14, 2025 at 11:00 a.m. Eastern Time (ET).</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard
      International Dial In), or +0 800 756 3429 (UK Toll Free Dial In). Please quote &#8220;Star Bulk Carriers&#8221; to the operator and/or conference ID 13753831. Click here for additional participant International Toll-Free access numbers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the
      system call you right away. Click here for the call me option.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Slides and audio webcast:</div>
    <div style="text-align: justify; font-family: Arial;">There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company&#8217;s website. To listen to the archived audio file,
      visit our website www.starbulk.com and click on Events &amp; Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">About Star Bulk</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk&#8217;s vessels transport major bulks, which include iron
      ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Its
      common stock trades on the Nasdaq Global Select Market under the symbol &#8220;SBLK&#8221;. As of the date of this release on a fully delivered basis and as adjusted for the delivery of a) the vessels agreed to be sold as discussed above and b) the five firm
      Kamsarmax vessels currently under construction, we own a fleet of 150 vessels, with an aggregate capacity of 14.7 million dwt consisting of 17 Newcastlemax, 15 Capesize, 1 Mini Capesize, 7 Post Panamax, 44 Kamsarmax, 1 Panamax, 48 Ultramax and 17
      Supramax vessels with carrying capacities between 55,569 dwt and 209,537 dwt.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In addition, in November 2021, we took delivery of the Capesize vessel <font style="font-style: italic;">Star Shibumi</font>, under a
      seven-year charter-in arrangement and in 2024, we took delivery of the vessels <font style="font-style: italic;">Star Voyager, Star Explorer</font>, <font style="font-style: italic;">Stargazer</font>, <font style="font-style: italic;">Star Earendel</font>, <font style="font-style: italic;">Star Illusion</font> and <font style="font-style: italic;">Star Thetis</font>,<font style="font-style: italic;">&#160;</font>each subject to a seven-year charter-in arrangement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Forward-Looking Statements</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">Matters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for
      forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and
      underlying assumptions and other statements, which are other than statements of historical facts.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this
      safe harbor legislation. Words such as, but not limited to, &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;likely,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;may,&#8221; &#8220;forecasts,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;possible&#8221;
      and similar expressions or phrases may identify forward-looking statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation,
      examination by our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently
      subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">13</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking
      statements include 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; the possibility that additional unexpected costs or difficulties
      related to the integration of Star Bulk and Eagle&#8217;s operations will be greater than expected; general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values; the strength of world economies; the stability of
      Europe and the Euro; fluctuations <font style="color: #000000;">in currencies, interest rates and foreign exchange rates</font>; business disruptions due to natural and other disasters or otherwise, such as the
      impact of any future epidemics; the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation in the dry bulk sector; changes in supply and demand in the dry bulk shipping industry, including the market
      for our vessels and the number of newbuildings under construction; the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom;
      changes in our expenses, including bunker prices, dry docking, crewing and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation and potential
      costs due to environmental damage and vessel collisions; the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;)
      practices; our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or
      regional/national imposed by regional authorities such as the European Union or individual countries; potential cyber-attacks which may disrupt our business operations; general domestic and international political conditions or events, including
      &#8220;trade wars&#8221;, 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; 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; 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; potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political
      events, public health threats, international hostilities and instability, piracy or acts by terrorists; the availability of financing and refinancing; the failure of our contract counterparties to meet their obligations; our ability to meet
      requirements for additional capital and financing to complete our newbuilding program and grow our business; the impact of our indebtedness and the compliance with the covenants included in our debt agreements; vessel breakdowns and instances of off&#8208;hire; potential exposure or loss from investment in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior
      management; our ability to complete acquisition transactions as and when planned and upon the expected terms; and the impact of port or canal congestion or disruptions. Please see our filings with the Securities and Exchange Commission for a more
      complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward&#8208;looking statements as a result of developments occurring after the date of this communication.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">Contacts</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">
      <table cellspacing="0" cellpadding="0" id="z8f6cbd8a1b584d26ace572f90688982c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Company:</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Investor Relations / Financial Media:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Simos Spyrou, Christos Begleris</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Nicolas Bornozis</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Co &#8208; Chief Financial Officers</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">President</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Star Bulk Carriers Corp.</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Capital Link, Inc.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">c/o Star Bulk Management Inc.</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">230 Park Avenue, Suite 1540</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">40 Ag. Konstantinou Av.</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">New York, NY 10169</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Maroussi 15124</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Tel. (212) 661&#8208;7566</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Athens, Greece</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">E&#8208;mail: <u>starbulk@capitallink.com</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;">Email: info@starbulk.com</div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;"><u>www.capitallink.com</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.17%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-family: Arial;"><u>www.starbulk.com</u></div>
            </td>
            <td style="width: 52.83%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div></div>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">14</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image01.jpg
<TEXT>
begin 644 image01.jpg
M_]C_X  02D9)1@ ! 0$"6 )8  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !L ;,# 1$  A$! Q$!_\0
M'@ !  (" P$! 0            @)!@<$!0H" P'_Q !9$  ! P," @,'# T(
M!PD    ! @,$  4&!Q$((0D2,1,5(D%18;04,C<X5'%T=H&ST=(6&!DC0E=B
M<G61DI.5%U)55G."E*,S-H.AL<'A)#0U0T=CI++"_\0 ' $!  (# 0$!
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M@% * 4 H!0"@% * 4 H!0"@% * 4 H!0"@% * 4 H!0"@% * 4 H!0"@% *
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MJ[7% >$L^=2MR??KHX14(J*/EO.RYYV3/)LXR>O_ ,^1D=9D$4 H!0"@% *
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M;:MJ3D]%Q*QM):LA=<N#_ARXRK"]E^GLWO#*>6H/2;!LVE#NYW#T18V03V[
M()'/?GO5HLG(QGN6=OK_ "0'33>MZ!#[B+Z-[4'0JPW')H$R'E^+04%Z3)B
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M0"@% * 4 H!0"@% * 4 H!0"@% * 4 H!0"@% * 4 H!0"@% * 4 H!0"@%
,* 4 H!0"@% * __9

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