<SEC-DOCUMENT>0000950157-25-000972.txt : 20251126
<SEC-HEADER>0000950157-25-000972.hdr.sgml : 20251126
<ACCEPTANCE-DATETIME>20251126160750
ACCESSION NUMBER:		0000950157-25-000972
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20251126
FILED AS OF DATE:		20251126
DATE AS OF CHANGE:		20251126

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:		251530238

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		PROVINCE COUNTRY:   	J3
		ZIP:			14124
		BUSINESS PHONE:		011-30-210-617-8400

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		PROVINCE COUNTRY:   	J3
		ZIP:			14124
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
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      <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
      <div style="text-align: center; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
      <div style="text-align: center; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
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      <div style="text-align: center;">For the month of November 2025</div>
      <div style="text-align: center;">Commission File Number: 001-33869</div>
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    <div style="text-align: center; font-size: 24pt; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
    <div>
      <div style="text-align: center;">(Translation of registrant&#8217;s name into English)</div>
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      <div style="text-align: center; font-weight: bold;">Star Bulk Carriers Corp.</div>
      <div style="text-align: center; font-weight: bold;">c/o Star Bulk Management Inc.</div>
      <div style="text-align: center; font-weight: bold;">40 Agiou Konstantinou Street,</div>
      <div style="text-align: center; font-weight: bold;">15124 Maroussi,</div>
      <div style="text-align: center; font-weight: bold;">Athens, Greece</div>
      <div style="text-align: center;">(Address of principal executive offices)</div>
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      <div style="text-align: center;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
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      <div style="text-align: center;"><font style="font-weight: bold;"> <br>
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          <div style="color: #000000; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
          <div>&#160;</div>
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        <div>
          <div style="text-align: justify; color: #000000;">Attached as Exhibit 99.1 to this Form 6-K is a Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and the unaudited interim condensed consolidated financial
            statements of Star Bulk Carriers Corp. (the &#8220;Company&#8221;) as of September 30, 2025 and for the nine-month periods ended September 30, 2024 and 2025.</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000;">Attached as Exhibit 99.2 to this Form 6-K is a copy of the Company&#8217;s press release (the &#8220;Press Release&#8221;) announcing its unaudited financial and operating results for the Company's three- and
            nine-month periods ended September 30, 2025, which was issued on November 18, 2025.</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000;">The information contained in Exhibit 99.1 of this Form 6-K is hereby incorporated by reference into the registrant&#8217;s Registration 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>
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      <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</p>
      <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">This Form 6-K, and the documents to which the Company refers in this Form 6-K, as well as information included in oral statements or other
        written statements made or to be made by the Company, contain &#8220;forward-looking statements,&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the Exchange Act, with respect to our
        financial condition, results of operations and business and our expectations or beliefs concerning future events. Words such as, but not limited to, &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;likely,&#8221;
        &#8220;will,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#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.</p>
      <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">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.</p>
      <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the
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            <td>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;</td>
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            <td>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;</td>
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            <td>general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values;</td>
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            <td style="text-align: justify">the strength of world economies;</td>
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            <td style="text-align: justify">the stability of Europe and the Euro;</td>
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            <td style="text-align: justify">fluctuations in currencies, interest rates and foreign exchange rates;</td>
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            <td style="text-align: justify">business disruptions due to natural and other disasters or otherwise, such as the impact of any future epidemics;</td>
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            <td style="text-align: justify">the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation in the dry bulk sector;</td>
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            <td style="text-align: justify">changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of new buildings under construction;</td>
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            <td style="text-align: justify">the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom;</td>
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            <td style="text-align: justify">changes in our expenses, including bunker prices, dry docking, crewing and insurance costs;</td>
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            <td style="text-align: justify">the impact of current and potential additional trade tariffs on global trade and demand for dry bulk shipping;</td>
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            <td style="text-align: justify">the risk that trade disputes between U.S. and Chinese officials could result in the reimplementation of significant port fees that may impact our fleet;<br>
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            <td style="text-align: justify">potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;</td>
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            <td style="text-align: justify">the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;) practices;</td>
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            <td style="text-align: justify">our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets&#894;</td>
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            <td style="text-align: justify">new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national imposed by regional authorities such as the European Union
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            <td style="text-align: justify">potential cyber-attacks which may disrupt our business operations;</td>
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            <td style="text-align: justify">general domestic and international political conditions or events, including &#8220;trade wars,&#8221; the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the
              Middle East and the Houthi attacks in the Red Sea and the Gulf of Aden;</td>
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            <td style="text-align: justify">the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments;</td>
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      <p style="margin-top: 0; margin-bottom: 0">&#160; <br>
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              <td style="text-align: justify">our ability to successfully compete for, enter into and deliver our vessels under time charters or other employment arrangements for our existing vessels after our current charters expire and our ability to
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            <td style="text-align: justify">the impact of our indebtedness and the compliance with the covenants included in our debt agreements;</td>
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            <td style="text-align: justify">the impact of port or canal congestion or disruptions; and</td>
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            <td style="text-align: justify">the risk factors and other factors referred to in the Company's reports filed with or furnished to the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;).</td>
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      <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Consequently, all of the forward-looking statements we make in this document are qualified by the information contained or referred to
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        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
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      <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; 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
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      <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; background-color: white">Dated: November 26, 2025</p>
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                <div style="font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; color: #212529;"><b>Star Bulk Carriers Corp.</b></font> </div>
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                <div style="font-family: 'Times New Roman';">By:</div>
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                <div style="font-family: 'Times New Roman';">/s/ <font style="font-family: Times New Roman, Times, Serif;">Simos Spyrou</font> </div>
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              <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif;">Simos Spyrou</font> </div>
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                <div style="font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif;">Co-Chief Financial Officer</font> </div>
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              <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"><b>Number</b></p>
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            <td>&#160;</td>
            <td>&#160;</td>
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            <td style="text-align: center"><a href="ex99-1.htm">99.1</a></td>
            <td><br>
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            <td><a href="ex99-1.htm">Management's Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed consolidated
                financial statements of the Company for the nine-month periods ended September 30, 2024 and 2025.</a></td>
          </tr>
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            <td style="text-align: center"><a href="ex99-2.htm">99.2</a></td>
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            <td><a href="ex99-2.htm">Press Release dated November 18, 2025.</a></td>
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<DOCUMENT>
<TYPE>EX-99.1
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<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>
    </div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">The following is a discussion of the financial condition and results of operations of Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) for the nine-month periods ended September 30, 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>
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    <div style="font-weight: bold;">Overview</div>
    <div><br>
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    <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) and Singapore. Our common shares trade on the Nasdaq Global Select Market under the symbol &#8220;SBLK.&#8221;</div>
    <div><br>
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    <div style="font-weight: bold;">Eagle Merger</div>
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    <div>On April 9, 2024, we completed the merger with Eagle Bulk Shipping Inc. (&#8220;Eagle&#8221;) in an all-stock transaction (the &#8220;Eagle Merger&#8221;), 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>
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    <div style="font-weight: bold;">Our Fleet</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">During the nine-month period ended September 30, 2025, we agreed to sell the vessels <font style="font-style: italic;">Star Omicron, Strange Attractor, Bittern, Puffin Bulker, Oriole,</font>&#160;<font style="font-style: italic;">Star Canary, Star Petrel, Star Georgia, Star Nighthawk, Star Runner, Star Danai, Star Goal, Star Sandpiper </font>and <font style="font-style: italic;">Star Owl. </font>All of these vessels were delivered to their new
      owners during the nine-month period ended September 30, 2025, except for the vessels <font style="font-style: italic;">Star Runner</font> and <font style="font-style: italic;">Star Sandpiper</font>, which were delivered in October 2025.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">On October 31, 2025, we entered into three novation and amendment agreements with Hengli Shipbuilding (Singapore) Pte. Ltd. and Hengli Shipbuilding (Dalian) Co. Ltd. for the acquisition of three
      82,000 dwt Kamsarmax newbuilding vessels that are currently under construction. The three vessels are scheduled to be delivered within the three-month period ending September 30, 2026 as described in the table under section &#8220;Vessels Under
      Construction&#8221;.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">&#160;On a fully delivered basis, taking into account the delivery of the eight Kamsarmax vessels under construction, as of November 14, 2025, our owned&#160;fleet consists of 145 vessels with an aggregate
      carrying capacity of approximately 14.4 million dwt, 97% of which are fitted with Exhaust Gas Cleaning Systems (&#8220;scrubbers&#8221;) consisting of Newcastlemax, Capesize, Mini Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels.</div>
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    <div>&#160;</div>
    <div>The following tables present summary information relating to our fleet as of November 14, 2025:</div>
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    <div style="text-align: justify; font-weight: bold;">Operating Fleet:</div>
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            <div style="text-align: justify; color: #000000; font-weight: bold;">Wholly Owned Subsidiaries</div>
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            <div style="text-align: justify; color: #000000; font-weight: bold;">Vessel Name</div>
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            <div style="text-align: center; color: #000000; font-weight: bold;">Delivered to Star Bulk</div>
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            <div style="text-align: center; color: #000000; font-weight: bold;">Year Built</div>
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            <div style="text-align: right; color: #000000;">1</div>
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            <div style="text-align: justify; color: #000000;">Sea Diamond Shipping LLC</div>
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            <div style="text-align: justify; color: #000000; font-style: italic;">Goliath</div>
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            <div style="text-align: center; color: #000000;">209,537</div>
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            <div style="text-align: center; color: #000000;">July 15, 2015</div>
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            <div style="text-align: center; color: #000000;">2015</div>
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            <div style="text-align: right; color: #000000;">2</div>
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            <div style="text-align: justify; color: #000000;">Pearl Shiptrade LLC</div>
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            <div style="text-align: justify; color: #000000; font-style: italic;">Gargantua</div>
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            <div style="text-align: center; color: #000000;">209,529</div>
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            <div style="text-align: center; color: #000000;">April 2, 2015</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">209,475</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Coral Cape Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Maharaj</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">209,472</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 15, 2015</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,939</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">May 14, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Eleven LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Laetitia</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,896</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,812</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 28, 2017</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Breezer LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Virgo</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,810</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 1, 2017</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,765</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">June 6, 2016</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Nine LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sienna</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,721</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,709</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 11, 2016</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Ten LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Karlie</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,566</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">207,555</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 3, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Festive Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Magnanimus</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">207,526</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 26, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">206,861</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">May 28, 2019</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">New Era III Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Ayesha</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">206,852</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">206,839</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 16, 2019</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Cape Ocean Maritime LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Leviathan</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">182,511</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">September&#160;19, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">182,496</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Claudine</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">181,258</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">180,716</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Sandra Shipco LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pauline</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">180,274</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 29, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">180,274</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">October 31, 2014</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor III LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lyra</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">179,147</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Regg V LLC</div>
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          <td style="width: 20%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Regg VI LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bueno</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 26, 2021</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Regg IV LLC</div>
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          <td style="width: 20%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 26, 2021</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Regg II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Janni</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">178,978</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 7, 2019</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">178,906</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 14, 2019</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident V LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Angie</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">177,931</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 29, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">176,990</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Fourteen LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Scarlett</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">175,649</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">106,659</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Nautical Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Amami</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Sirius LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sirius</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March&#160;7, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">98,681</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Aphrodite</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">92,006</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">91,951</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Augustea Bulk Carrier LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Despoina</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">91,951</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>

    </table>
    <div><br>
    </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><br>
    </div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Operating Fleet - Continued:</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="zf5b3dee3d9134ed3b75e3a2cc7089412" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: middle;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20%; vertical-align: middle;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; 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: 24%; 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: 12%; 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%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">83,494</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Alta I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Angelina</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,981</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 5, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,790</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">December 5, 2014</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident&#160;I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Kamila</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,769</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">September&#160;3, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2005</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,687</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor V LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bianca</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,672</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2008</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,619</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIX LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Maria</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,598</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">November 5, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,594</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY Seven LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Jeannette</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,566</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Sun I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Elizabeth</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,403</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">May 25, 2021</div>
          </td>
          <td style="width: 12%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident VIII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sophia</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,269</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 31, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2007</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,266</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Moira</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,257</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">November 19, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,224</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 5, 2015</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident X LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Renee</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,221</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 18, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,220</div>
          </td>
          <td style="width: 24%; 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: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XIII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Laura</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,209</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 8, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,188</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Trident XVII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Helena</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,187</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December 29, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,158</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Waterfront Two LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Alessia</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,944</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,918</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Elpis LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Suzanna</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,711</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">May 15, 2017</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,711</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 22, 2017</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Mineral Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Mercurial Virgo</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,545</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July&#160;11, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,502</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor XI LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sky</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,466</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,272</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Zeus II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Carioca</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,262</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,253</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Zeus VII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Macarena</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,198</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 6, 2021</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,187</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">ABY IV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Nicole</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">81,120</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">81,061</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; 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%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Nor XII LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Genesis</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">80,705</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">80,448</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2011</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Operating Fleet - Continued:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="zbfa23fb8755a48d5ac5403876d7e6109" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 20%; vertical-align: middle;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; 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: 24%; 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: 12%; 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%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">78</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Trident XX LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Emily</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">76,417</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">September&#160;16, 2014</div>
          </td>
          <td style="width: 12%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">79</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Cape Town Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Cape Town</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,707</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">80</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Vancouver Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Vancouver</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,670</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">81</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Oslo Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Oslo</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,655</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">82</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Rotterdam Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Rotterdam</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,629</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">83</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Halifax Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Halifax</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,618</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">84</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Helsinki Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Helsinki</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,605</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">85</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Gibraltar Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Gibraltar</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,576</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">86</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Valencia Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Valencia Eagle</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,556</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">87</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Dublin Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Dublin</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,550</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">88</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Santos Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Santos</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,536</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">89</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Antwerp Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Antwerp</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,530</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">90</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Sydney Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Sydney</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,523</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">91</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Copenhagen Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Copenhagen</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,495</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">92</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Hong Kong Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Hong Kong Eagle</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,472</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">93</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Orion Maritime LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Idee Fixe</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,458</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 25, 2015</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">94</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Shanghai Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Shanghai</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,438</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">95</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Primavera Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Roberta</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,426</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 31, 2015</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">96</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Success Maritime LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Laura</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,399</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 7, 2015</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">97</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Singapore Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Singapore</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,386</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">98</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Westport Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Westport</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,344</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">99</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hamburg Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Hamburg</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,334</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">100</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Fairfield Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Fairfield</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">101</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Greenwich Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Greenwich</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">102</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Groton Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Groton</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">103</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Madison Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Madison Eagle</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">104</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Mystic Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Mystic</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">105</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Rowayton Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Rowayton</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,301</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">106</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Southport Eagle LLC</div>
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          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Southport</div>
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          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,301</div>
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          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">107</div>
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          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Stonington Eagle LLC</div>
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          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Stonington</div>
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          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,301</div>
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          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
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          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2012</div>
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        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">108</div>
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          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Ultra Shipping LLC</div>
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          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kaley</div>
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          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,283</div>
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          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">June 26, 2015</div>
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          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">109</div>
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          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Stockholm Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Stockholm</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,275</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</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;">
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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Operating Fleet - Continued:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="z2aa261b7b9ce4b1081ff0c72c6fba603" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
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          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 30%; vertical-align: middle;">
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          <td nowrap="nowrap" style="width: 20%; vertical-align: middle;">
            <div style="color: #000000;">&#160;</div>
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          <td nowrap="nowrap" style="width: 10%; vertical-align: middle;">
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          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
          <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; 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%; 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: 10%; 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: 24%; 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: 12%; 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%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">110</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Blooming Navigation LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kennadi</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,262</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">January 8, 2016</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">111</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Jasmine Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Mackenzie</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,226</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 2, 2016</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">112</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">New London Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star New London</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">63,140</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">113</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Lida I Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Apus</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">63,123</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 16, 2019</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2014</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">114</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Zeus IV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Subaru</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,571</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">March 16, 2021</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">115</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Stamford Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Stamford</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,530</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">116</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nor XV LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Wave</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,491</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 6, 2018</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">117</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Challenger&#160;I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Challenger (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,462</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">December&#160;12, 2013</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2012</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">118</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Challenger&#160;II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Fighter (1)</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,455</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">December&#160;30, 2013</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">119</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Axe&#160;II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Lutas</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,347</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">January 6, 2016</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">120</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Aurelia Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Honey Badger</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,320</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">February 27, 2015</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">121</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Rainbow Maritime LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Wolverine</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,292</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">February 27, 2015</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">122</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Axe I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Antares</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">61,258</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">October 9, 2015</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">123</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Tokyo Eagle LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Tokyo</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">61,225</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">124</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">ABY Five LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Monica</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">60,935</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 3, 2018</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">125</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Asia&#160;I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Aquarius</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">60,916</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 22, 2015</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">126</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Asia&#160;II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Pisces</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">60,916</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 7, 2015</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">127</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Crane Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Crane</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">128</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Egret Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Egret Bulker</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">129</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Gannet Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Gannet Bulker</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">130</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Grebe Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Grebe Bulker</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">131</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Ibis Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Ibis Bulker</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">132</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Jay Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Jay</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">133</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Kingfisher Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Kingfisher</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">134</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Martin Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-style: italic;">Martin</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">57,809</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">135</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Lida IX Shipping LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Cleo</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">56,582</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2013</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: #000000;">136</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; 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%; 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: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">56,540</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">July 15, 2019</div>
          </td>
          <td style="width: 12%; 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%; vertical-align: middle;">
            <div style="text-align: right; color: #000000;">137</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: middle;">&#160;</td>
          <td style="width: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Regg III LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000; font-style: italic;">Star Bright</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">55,569</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">October 10, 2018</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">2010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Total dwt</div>
          </td>
          <td style="width: 10%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000; font-weight: bold;">13,762,816</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zdcd182fec3284edda900440dde380933" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <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>
    <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>
    <div><br>
    </div>
    <div style="font-weight: bold;">Vessels Under Construction:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="z1486bac4cfa04347a0f472f2b9e18837" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 3%; vertical-align: 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: 30%; 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: 20%; 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: 10%; 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: 24%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; 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: 3%; 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: 30%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: justify; color: #000000;">Star Thundera LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: justify; color: #000000;">Hull No 15</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 24%; 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: 12%; vertical-align: middle; background-color: rgb(204, 236, 255);">
            <div style="text-align: center; color: #000000;">March 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Caldera LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hull No 16</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">March 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Affinity LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Hull No 23</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 24%; 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: 12%; 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: 3%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Terra LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hull No 17</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Qingdao Shipyard Co. Ltd.</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">August 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Nova LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Hull No 18</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 24%; 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: 12%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">October 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Blueseas I LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hull No 67</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Hengli Shipbuilding Pte. Ltd.</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">July 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Star Blueseas II LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Hull No 70</div>
          </td>
          <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">Hengli Shipbuilding Pte. Ltd.</div>
          </td>
          <td style="width: 12%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">August 2026</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; 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: 30%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Star Blueseas III LLC</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="text-align: justify; color: #000000;">Hull No 72</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td style="width: 24%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">Hengli Shipbuilding Pte. Ltd.</div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: center; color: #000000;">September 2026</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; 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: 10%; 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;">656,000</div>
          </td>
          <td nowrap="nowrap" style="width: 24%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Long-Term Time Charter-In Vessels:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">In addition, we have entered into long-term charter-in arrangements, the details of which are described in the below table.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="z9b8faee0a1a944e5a4164874e558ac12" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">#</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-weight: bold;">Name</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; 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: 6.52%; 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: 18.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Yard</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; 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: 18.47%; 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: 17.23%; 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="width: 3.22%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">1</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Star Shibumi (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">180,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2021</div>
          </td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 30, 2021</div>
          </td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 2028</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom;">
            <div style="color: #000000;">Star Voyager (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Zhousan</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">China</div>
          </td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">January 11, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">January 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">3</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Stargazer (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">66,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Philippines</div>
          </td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">January 16, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">January 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">4</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom;">
            <div style="color: #000000;">Star Explorer (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">March 8, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">March 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">5</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Star Earendel (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">JMU</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">June 28, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">June 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">6</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom;">
            <div style="color: #000000;">Star Illusion (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">82,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Zhousan</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">China</div>
          </td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">October 11, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">October 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">7</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Star Thetis (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">66,000</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Tsuneishi, Cebu</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">Philippines</div>
          </td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 12, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000;">November 2031</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">8</div>
          </td>
          <td nowrap="nowrap" style="width: 16.15%; vertical-align: bottom;">
            <div style="color: #000000;">Tai Stride (2)</div>
          </td>
          <td nowrap="nowrap" style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">64,600</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">2022</div>
          </td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Oshima</div>
          </td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">Japan</div>
          </td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">April 9, 2024</div>
          </td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000;">March 2026</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.15%; 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: 8.83%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="text-align: center; color: #000000; font-weight: bold;">704,600</div>
          </td>
          <td nowrap="nowrap" style="width: 6.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 18.19%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.39%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 18.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 17.23%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0ea8648676604d179a500926d57ddbb9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <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>
    <table cellspacing="0" cellpadding="0" id="z3178f53aa10b42a3a2baf4f3ed451c4f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Time charter-in agreement 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 an extension option on the agreement; however, this agreement does
              not meet the criteria under ASC 842 to be recognized as a right-of-use asset.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;">Liquidity and Capital Resources</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; 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, make dividend payments when approved by the Board of Directors and fund share repurchases when our share price is trading at a
      significant discount to the estimated net liquidation value of our vessels.</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 short-term 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 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>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our medium- and long-term liquidity requirements are funding the equity portion of our newbuilding vessel installments and secondhand vessel acquisitions, if any, funding required
      payments under our vessel financing and other financing agreements and paying cash dividends when declared 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. Please also refer to Note 12 to our unaudited interim
      condensed consolidated financial statements included elsewhere herein for further discussion on our contractual commitments as of September 30, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As of November 14, 2025, we had an aggregate amount of total cash and highly liquid investments (as described in Note 13 of our unaudited interim condensed consolidated financial statements included
      elsewhere herein) of $454.4 million and outstanding borrowings (including lease financing agreements) of $1,028.4 million.</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 to our unaudited interim condensed
      consolidated financial statements included elsewhere herein and 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="text-align: justify; text-indent: 36pt;">We believe that our current cash balance and our operating cash flows to be generated over the short-term period will be sufficient to meet our 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 eight vessels under construction. Furthermore, in April 2025, we entered into an agreement with E.SUN Commercial Bank Ltd. for a loan facility of up to $130.0 million for the post-delivery financing of five
      of our vessels under construction. In addition, we have an aggregate amount of $115.0 million available for drawing under two revolving credit facilities entered into in May 2025 and June 2025 with ABN AMRO Bank N.V. and National Bank of Greece S.A.,
      respectively, as described in Note 8 of our unaudited interim condensed consolidated financial statements included elsewhere herein.</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 amended dividend policy, Star Bulk will pay a minimum quarterly dividend of $0.05 per share
      even if the quarterly &#8220;Cash Flow&#8221; (as defined in the dividend policy) would result in less or no dividend. The policy otherwise remains unchanged, including with respect to the Cash Flow definition and the limitations set out below.</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><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">On November 18, 2025, pursuant to our amended dividend policy, our Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on or about December 18, 2025 to all shareholders
      of record as of December 5, 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 September 30, 2025.</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><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="z906220f65aab4cb0a8d4673a44954537" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 74.39%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 23.91%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; color: #000000; font-weight: bold;">&#160;Nine-month period ended </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">September 30,</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.39%; 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;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 12.22%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; color: #000000; font-weight: bold;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 10.17%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; color: #000000; font-weight: bold;">&#160;2025</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.39%; 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;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">141.3</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">146.5</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.39%; vertical-align: bottom;">
            <div style="color: #000000;">Number of vessels (2)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">154</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">139</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.39%; 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;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </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;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">12.5</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.39%; vertical-align: bottom;">
            <div style="color: #000000;">Ownership days (4)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">38,708</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">40,006</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.39%; 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;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">37,210</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">37,893</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.39%; vertical-align: bottom;">
            <div style="color: #000000;">Charter-in days (6)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">1,793</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">2,928</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 74.39%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Time Charter Equivalent Rate&#160;(TCE rate) (7)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.2%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">19,209</div>
          </td>
          <td nowrap="nowrap" style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.84%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.16%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">14,190</div>
          </td>
          <td nowrap="nowrap" style="width: 0.86%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;">____________________</div>
    <table cellspacing="0" cellpadding="0" id="z2ec325868bf94f77b25261cbb92eb877" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div 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" id="z9ce765c8c7834243b259cd92dcf3fd4c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

    </table>
    <table cellspacing="0" cellpadding="0" id="za1f2c86d84024911a25e95dc5b63f946" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

    </table>
    <table cellspacing="0" cellpadding="0" id="z5ed351b046c44580948bca1e673dbf86" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div 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" id="z988741b147d6427aab5bf866b0bc5c46" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><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" id="z46670b688db344cdaeabd61e1238957c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Charter-in days are the total days that we charter-in third party vessels.</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>
    <div><br>
    </div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zae01898037e645ccb56202cea2a2cb2e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(7)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Time charter equivalent (&#8220;TCE&#8221;) rate 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 (&#8220;TCE Revenues&#8221;), 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 some of our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with voyage revenues, the most
              directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial
              performance. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company&#8217;s performance despite changes in the mix of charter types (i.e., voyage charters, time
              charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. TCE Revenues and TCE rate, as presented below, may not necessarily be comparable to those of other companies due to differences in
              methods of calculation.</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>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following table reflects the calculation of our TCE rates as discussed in footnote (7) above. The table presents reconciliation of TCE Revenues to voyage revenues as reflected in the unaudited
      interim condensed consolidated financial statements included elsewhere herein.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf336a0a9644947d885b4341849359761" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 29.53%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7" rowspan="1">
            <div style="text-align: center; color: #000000; font-weight: bold;">Nine-month period ended </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">September 30,</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 13.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div style="text-align: center; color: #000000; font-weight: bold;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 13.82%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
            <div style="text-align: center; color: #000000; font-weight: bold;">2025</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom; background-color: #CCEEFF;">
            <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; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom;">
            <div style="color: #000000;">Voyage revenues</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
            <div style="color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">956,542</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">
            <div style="color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">741,913</div>
          </td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000; font-style: italic;">Less:</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom;">
            <div style="color: #000000;">Voyage expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">(199,940</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom;">
            <div style="color: #000000;">)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000;">(158,881</div>
          </td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom;">)<br>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">Charter-in hire expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">(31,812</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">)&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000;">(48,606</div>
          </td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom; background-color: #CCEEFF;"> )<br>
          </td>
        </tr>
        <tr>
          <td style="width: 68.25%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">Realized gain/(loss) on FFAs/bunker swaps, net</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">(10,017)</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">3,258</div>
          </td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 4px;">
            <div style="font-weight: bold;"><font style="color: #000000;">Time charter equivalent revenues (&#8220;</font>TCE Revenues&#8221;)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 4px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">714,773</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 4px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">537,684</div>
          </td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">Available days</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </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);">
            <div style="text-align: right; color: #000000;">37,210</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">37,893</div>
          </td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 68.25%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <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; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </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);">
            <div style="color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">19,209</div>
          </td>
          <td nowrap="nowrap" style="width: 1.28%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: #000000;">14,190</div>
          </td>
          <td nowrap="nowrap" style="width: 1.26%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;</div>
          </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 and 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>
      <div><br>
      </div>
    </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 (whereas these expenses would otherwise be paid by the charterer under a time charter contract).</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 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 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>
    <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 size, age and general condition of the vessel, 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;">Other Operational Loss and Other Operational Gain</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Other operational loss and other operational gain&#160;includes loss and gain, respectively, from all other operating activities which are not related to the principal activities of the Company, such as
      from insurance&#160;claims.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">(Gain)/Loss on Forward Freight Agreements and Bunker Swaps, net</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;">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. The fair value of the FFAs or freight options is treated as an asset or liability until they are settled 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>
    <div><br>
    </div>
    <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>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; 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 hedge accounting and therefore unrealized gains or losses are recognized under (Gain)/Loss on forward freight agreements and bunker swaps, net.</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><br>
    </div>
    <div>&#160;</div>
    <div style="font-weight: bold;">(Gain)/Loss on Sale of Vessels</div>
    <div><br>
    </div>
    <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 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 and Other Income/(Loss)</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>Other income/(loss) mainly
      consists of gains/(losses) from realized and unrealized foreign exchange differences.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Gain/(Loss) on Derivative Financial Instruments, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We may enter into interest rate swap transactions to manage interest costs and risks associated with changing interest rates with respect to our variable interest loans and credit facilities.
      Interest rate swaps are recorded in the balance sheet as either assets or liabilities, measured at their fair value (Level 2), with changes in such fair value recognized in earnings under Gain/(Loss) on derivative financial instruments, net, unless
      specific hedge accounting criteria are met. When interest rate swaps are designated and qualify as cash flow hedges, the effective portion of the unrealized gains/losses from those swaps is recorded in Other Comprehensive Income/(Loss) while any
      ineffective portion is recorded under Gain/(loss) on derivative financial instruments, net.</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><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Results of Operations</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">The nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 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>: For the nine-month periods ended September 30, 2025 and 2024 voyage revenues were $741.9 million
      and $956.5 million, respectively, while voyage expenses totaled $158.9 million and $199.9 million, respectively. TCE Revenues (as defined above) for the nine-month period ended September 30, 2025 decreased to $537.7 million compared to $714.8 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 146.5 from 141.3 during the relevant periods, was primarily attributable to the
      significant decline in charter rates. As a result, the TCE rate for the nine-month period ended September 30, 2025 decreased to $14,190 from $19,209 for the corresponding period in 2024. 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 nine-month periods ended September 30, 2025 and 2024 were $48.6 million and
      $31.8 million, respectively. This increase is mainly attributable to the increase in charter-in days to 2,928 in the nine-month period ended September 30, 2025 from 1,793 in the corresponding period in 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Vessel operating expenses</font><font style="font-style: italic;">:</font>&#160;For the nine-month periods ended September 30, 2025 and 2024, vessel
      operating expenses were $203.7 million and $202.2 million, respectively. The increase in our operating expenses was primarily attributable to the increase in the average number of vessels in our fleet to 146.5 from 141.3 during the nine-month period
      ended September 30, 2025 compared to corresponding period in 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Dry docking expenses</font>: Dry docking expenses for the nine-month periods ended September 30, 2025 and 2024 were $73.8 million and $42.5
      million, respectively. During the nine-month period ended September 30, 2025, 39 vessels completed their periodic dry-docking surveys, compared to 29 during the corresponding period in 2024. In addition, the dry docking of nine of our vessels was in
      progress as of September 30, 2025, further contributing to the overall increase of 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>:&#160;Depreciation expense increased to $127.4 million for the nine-month period ended September 30, 2025 compared to $120.0
      million for the corresponding period in 2024. The increase is driven by the increase in the average number of vessels in our fleet to 146.5 from 141.3 during the relevant periods.</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 nine-month periods ended September 30, 2025 and 2024 were $53.2 million and $51.8 million, respectively, which included the share-based compensation expense of $13.7 million and $13.3 million, respectively. Vessel management fees for the
      nine-month period ended September 30, 2025 increased to $17.4 million compared to $13.7 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="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">(Gain)/Loss on forward freight agreements and bunker swaps, net</font><font style="font-style: italic;">:</font>&#160;For the nine-month period ended
      September 30, 2025, we incurred a net gain on FFAs and bunker swaps of $4.2 million, consisting of a realized gain of $3.3 million and unrealized gain of $0.9 million. For the nine-month period ended September 30, 2024, we incurred a net loss on FFAs
      and bunker swaps of $4.2 million, consisting of realized loss of $10.0 million and an unrealized gain of $5.8 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 nine-month period ended September 30, 2025, amounted to $14.7 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, $9.2 million related to the write-off of previously recorded accruals and
      liabilities that the Company no longer expects to require settlement and $3.2 million derived from various insurance claims. Other operational gain for the nine-month period ended September 30, 2024 amounted to $4.4 million and primarily derived from
      various insurance claims.</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><br>
    </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>nine-month period ended September 30, 2025<font style="color: #000000;">,&#160;include an aggregate net loss of $14.0 million which resulted </font>from the sale of vessels during the period,<font style="color: #000000;"> as
        discussed under the section &#8220;Our Fleet&#8221; above. </font>For the nine-month period ended September 30, 2024, a n<font style="color: #000000;">et gain of $32.0 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;">Interest and finance costs net of interest income and other income/(loss)</font>:&#160;<font style="color: #000000;">Interest and finance costs net of
        interest income and other income/(loss) for the nine-month periods ended September 30, 2025 and 2024 were $41.4 million and $56.1 million, respectively. The driving factor for this decrease was the significant decrease in our weighted average
        outstanding indebtedness, along with a lower weighted average interest rate in the nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024, which was partially offset by the decrease in swap interest
        income since during the second and third quarter of 2025 we had no interest rate swaps designated as cash flow hedges.</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 nine-month periods ended September 30, 2025 and 2024 was $194.8 million and $394.9 million, respectively. The decrease was primarily driven by <font style="color: #000000;">increased expenses resulting from the increase in the average number of vessels in our fleet</font> to 146.5 from 141.3 and increased drydocking activity during the recent period, partially offset by lower interest and
      finance costs during the nine-month period ended September 30, 2025 compared to the corresponding period in 2024, as well as lower TCE Revenues recognized during the nine-month period ended September 30, 2025 due to lower charter rates resulting from
      weaker market conditions prevailing 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 nine-month periods ended September 30, 2025 and 2024 was $127.0 million and $313.6 million, respectively. The decrease was mainly attributable to
      lower proceeds from vessel sales by $112.0 million in the nine-month period ended September 30, 2025 compared to the corresponding period in 2024 and to $104.3 million of cash acquired in connection with the Eagle Merger during the nine-month period
      ended September 30, 2024. This decrease was partially offset by $21.9 million less cash paid during the nine-month period ended September 30, 2025, for advances for vessels under construction and vessel upgrades, as well as by a $8.7 million increase
      in hull and machinery insurance proceeds received during the nine-month period ended September 30, 2025 compared to the corresponding period in 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Net cash used in financing activities for the nine-month periods ended September 30, 2025 and 2024 was $305.5 million and $497.7 million, respectively. The decrease was primarily driven by a $61.2
      million decrease in net debt outflows and a $184.4 decrease in the aggregate amount of dividends paid during the nine-month period ended September 30, 2025 compared to the corresponding period of 2024, partially offset by an increased outflow of
      $56.2 million used for share repurchases during the nine-month period ended September 30, 2025 compared to the corresponding period of 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, as supplemented by Note 2 of the unaudited interim condensed consolidated financial statements included elsewhere herein. There have been no material changes from the &#8220;Critical Accounting Estimates&#8221;
      previously disclosed in our 2024 Annual Report.</div>
    <div><br>
    </div>
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      <div style="text-align: center; color: #000000; font-weight: bold;"><br>
      </div>
    </div>
    <div>
      <div>
        <div style="text-align: center; color: #000000; font-weight: bold;">STAR BULK CARRIERS CORP.<br>
          INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED<br>
          <a name="FINANCIALSTATEMENTS"><!--Anchor--></a>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="z96c2a6283fcf4802a2c20bbce134bd67">

          <tr>
            <td style="width: 82.57%; vertical-align: bottom;">
              <div style="color: #000000;"><a href="#UnauditedConsolidatedBala">Unaudited Consolidated Balance Sheets as of December 31, 2024 and September 30, 2025</a></div>
              <div>&#160;</div>
            </td>
            <td style="width: 17.43%; vertical-align: top;">
              <div style="text-align: right; color: #000000;"><a href="#UnauditedConsolidatedBala">F-2</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 82.57%; vertical-align: bottom;">
              <div style="color: #000000;"><a href="#UnauditedInterimCondensed">Unaudited Interim Condensed Consolidated Income Statements for the nine-month periods ended September 30, 2024 and 2025</a></div>
              <div>&#160;</div>
            </td>
            <td style="width: 17.43%; vertical-align: top;">
              <div style="text-align: right; color: #000000;"><a href="#UnauditedInterimCondensed">F-3</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 82.57%; vertical-align: bottom;">
              <div style="color: #000000;"><a href="#UnauditedCompIncome">Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the nine-month periods ended September 30, 2024 and 2025</a></div>
              <div>&#160;</div>
            </td>
            <td style="width: 17.43%; vertical-align: top;">
              <div style="text-align: right; color: #000000;"><a href="#UnauditedCompIncome">F-4</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 82.57%; vertical-align: bottom;">
              <div style="color: #000000;"><a href="#UnauditedShareholdersEq">Unaudited Interim Condensed Consolidated Statements of Shareholders&#8217; Equity for the nine-month periods ended September 30, 2024 and 2025</a></div>
              <div>&#160;</div>
            </td>
            <td style="width: 17.43%; vertical-align: top;">
              <div style="text-align: right; color: #000000;"><a href="#UnauditedShareholdersEq">F-5</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 82.57%; vertical-align: bottom;">
              <div style="color: #000000;"><a href="#UnauditedCashFlows">Unaudited Interim Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2024 and 2025</a></div>
              <div>&#160;</div>
            </td>
            <td style="width: 17.43%; vertical-align: top;">
              <div style="text-align: right; color: #000000;"><a href="#UnauditedCashFlows">F-6</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 82.57%; vertical-align: top;">
              <div style="color: #000000;"><a href="#NotestoUnauditedInterimCo">&#160;Notes to Unaudited Interim Condensed Consolidated Financial Statements</a></div>
            </td>
            <td style="width: 17.43%; vertical-align: top;">
              <div style="text-align: right; color: #000000;"><a href="#NotestoUnauditedInterimCo">F-7</a></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-1</font></div>
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        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </div>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Consolidated Balance Sheets<a name="UnauditedConsolidatedBala"><!--Anchor--></a><br>
        As of December 31, 2024 and September 30, 2025</div>
      <div style="font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data, unless otherwise stated)<font style="font-weight: bold;">&#160;</font></div>
      <div>
        <div style="text-align: justify; color: #000000;">&#160;<br>
          <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z0b16e084e998411eb8dc20fd89caa0d0" class="cfttable">

              <tr>
                <td valign="bottom" style="vertical-align: top; padding-left: 9pt; padding-bottom: 2px; width: 74%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">December 31, 2024</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">September 30, 2025</div>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">ASSETS</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">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: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Cash and cash equivalents</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">425,066</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">442,350</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 style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Restricted cash, current (Notes 8 and 13)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">10,189</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Trade accounts receivable, net</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">79,303</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>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Due from managers</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">45</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Due from related parties (Note 3)</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">37</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">36</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Prepaid expenses and other receivables</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">18,873</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,177</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">1,076</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Accrued income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">67</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px;" colspan="1">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">43,598</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">29,793</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Current Assets</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">638,426</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" 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: 10%;" 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: 10%;" 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 style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">FIXED ASSETS</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">34,314</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Vessels and other fixed assets, net (Note 5)</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">3,208,357</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,946,405</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Fixed Assets</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">3,235,883</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,980,719</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; width: 74%;" colspan="1">
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                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" 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: 10%;" 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 style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Long-term investment (Note 3)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">4,615</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #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: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">164,336</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">330</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; 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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">354</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" 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: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">310</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">4,086,378</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">3,790,078</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; width: 74%;" colspan="1">
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                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" 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: 10%;" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">CURRENT LIABILITIES</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Current portion of long-term bank loans &amp; revolving facilities (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: #000000; font-size: 8pt;">$</div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">221,147</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">195,437</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Lease financing short term (Note 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">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,731</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: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,731</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 style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">52,267</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Due to managers</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">10,938</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: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">17,998</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 style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,069</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Accrued 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: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">62,607</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: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">49,379</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 style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating lease liabilities, current (Note 6)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">28,649</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
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                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">17,297</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">19,609</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Other current liabilities</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,000</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,000</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Current Liabilities</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">399,812</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">370,139</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" 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: 10%;" 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: 10%;" 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 style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">NON-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: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
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                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">1,035,135</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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">857,663</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Lease financing long term, net of unamortized lease issuance costs of $51 and $24, as of December 31, 2024 and September 30, 2025, respectively (Note 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">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">12,524</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: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">10,503</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 style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating lease liabilities, non-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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">156,282</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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">135,687</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Other non-current liabilities</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">850</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">670</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">TOTAL LIABILITIES</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">1,604,603</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">1,374,662</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">COMMITMENTS &amp; CONTINGENCIES (Note 12)</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: 10%;" 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: 10%;" 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 style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">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: 10%;" 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: 10%;" 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 style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2024 and September 30, 2025, respectively (Note 9)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Common Shares, $0.01 par value, 300,000,000 shares authorized; 117,630,112 shares issued and outstanding as of December 31, 2024; 114,209,924 shares issued and outstanding as of September
                    30, 2025 (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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">1,142</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: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">1,142</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; background-color: rgb(204, 238, 255);" colspan="1">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">3,083,906</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">3,022,126</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
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                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Accumulated other comprehensive income</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,299</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">535</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt;">Accumulated deficit</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(605,572</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">(608,387</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-size: 8pt;">)</div>
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              </tr>
              <tr>
                <td style="vertical-align: bottom; padding-left: 9pt; width: 74%; padding-bottom: 2px;" colspan="1">
                  <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Shareholders' Equity</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,481,775</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt;">2,415,416</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
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              <tr>
                <td style="vertical-align: bottom; width: 74%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">
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                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">4,086,378</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-size: 8pt; font-weight: bold;">3,790,078</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="width: 100%;" class="BRPFPageFooter"></div>
          <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 style="width: 100%;" class="BRPFPageHeader">
            <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Interim Condensed Consolidated Income Statements<a name="UnauditedInterimCondensed"><!--Anchor--></a><br>
        For the nine-month periods ended September 30, 2024 and 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>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zcab42a5c89704c6c9b3350ee0c51a3c5" class="cfttable">

            <tr>
              <td valign="bottom" colspan="2" 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 valign="bottom" style="vertical-align: top;" colspan="7" rowspan="1">
                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Nine months </div>
                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">ended September 30,</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" 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="3" rowspan="1">
                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"> 2024</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="3" rowspan="1">
                <div style="text-align: center; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"> 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255); font-size: 9pt;">&#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>
              <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>
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            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Revenues:</div>
              </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;" colspan="2">&#160;</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;" colspan="2">&#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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Voyage revenues (Note 15)</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: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">956,542</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">741,913</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" colspan="2" style="vertical-align: top; width: 76%; 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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Expenses/(Income)</div>
              </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" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Voyage expenses (Note 3)</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;">199,940</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;">158,881</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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Charter-in hire expenses (Note 6)</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;">31,812</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;">48,606</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" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Vessel operating expenses</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;">202,235</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;">203,657</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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Dry docking expenses</div>
              </td>
              <td valign="bottom" 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;">42,472</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">73,762</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Depreciation (Note 5)</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;">120,020</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;">127,363</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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Management fees (Note 3)</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;">13,676</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;">17,412</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" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">General and administrative expenses (Note 3)</div>
              </td>
              <td valign="bottom" 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;">51,792</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;">53,240</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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Loss on write-down of inventory</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;">4,602</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" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other operational 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;">1,392</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;">3,764</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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Other operational gain (Note 14)</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;">(4,410</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;">(14,650</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;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13)</div>
              </td>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; text-align: right;">&#160;4,239</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: bottom; font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(4,206</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" 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); padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">(Gain)/Loss on sale of vessels (Note 5)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 38%; 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); 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;">(31,999</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;">13,953</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>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Total operating expenses, net</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">635,771</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">681,782</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" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Operating income</div>
              </td>
              <td valign="bottom" 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; font-weight: bold;">320,771</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; font-weight: bold;">60,131</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" colspan="2" style="vertical-align: top; width: 76%; 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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Other Income/ (Expenses):</div>
              </td>
              <td valign="bottom" 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" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Interest and finance costs (Note 8)</div>
              </td>
              <td valign="bottom" 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;">(70,511</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;">(55,822</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" colspan="2" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Interest income and other income/(loss)</div>
              </td>
              <td valign="bottom" 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;">14,410</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">14,426</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain/(Loss) on derivative financial instruments, net (Note 13)</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;">(1,602</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;">751</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" colspan="2" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Gain/(Loss) on debt extinguishment, net (Notes 8 and 13)</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;">(1,012</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;">(405</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" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Total other expenses, net</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(58,715</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</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: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">(41,050</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;">&#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: 2px solid rgb(0, 0, 0); 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%; 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: 2px solid rgb(0, 0, 0); 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%; 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" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Income before taxes and equity in income/(loss) of investee</div>
              </td>
              <td valign="bottom" 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;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">262,056</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">$</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;">19,081</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>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Income tax (expense)/refund</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;">116</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>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Income before equity in income/(loss) of investee</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">262,172</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">19,081</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" colspan="2" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Equity in income/(loss) of investee (Note 3)</div>
              </td>
              <td valign="bottom" 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;">36</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;">(61</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" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Net income</div>
              </td>
              <td valign="bottom" 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;">262,208</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;" 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;">19,020</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>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Earnings per share, basic</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2.54</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">$</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-size: 9pt;">0.16</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" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Earnings per share, diluted</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">2.48</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">0.16</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" colspan="2" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">Weighted average number of shares outstanding, basic (Note 10)</div>
              </td>
              <td valign="bottom" 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;">103,364,099</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); 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;">115,551,743</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); 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-size: 9pt;">Weighted average number of shares outstanding, diluted&#160; (Note 10)</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: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">105,545,672</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-size: 9pt;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: rgb(0, 0, 0); font-size: 9pt;">115,908,321</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

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      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </div>
      </div>
      <div style="font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss)<a name="UnauditedCompIncome"><!--Anchor--></a><br>
        For the nine-month periods ended September 30, 2024 and 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>
        <div style="text-align: justify;">
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zd8e664859c5a44bfa5eb3975c6da242e" class="cfttable">

              <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="7" rowspan="1">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> Nine months </div>
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ended September 30,</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="3" rowspan="1">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2024</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="3" rowspan="1">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;Net 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: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">262,208</div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">19,020</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;Other comprehensive income / (loss):</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#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-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);" 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);">&#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%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; 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);">1,997</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);">(684</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: #CCEEFF;" colspan="1">
                  <div style="color: rgb(0, 0, 0);">&#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);" 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: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">(267</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                  <div style="color: rgb(0, 0, 0);">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" 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;" colspan="4">
                  <div style="color: rgb(0, 0, 0);"> Unrealized gain / (loss) from investment in debt security recognized in Other comprehensive income/(loss) before reclassifications</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">94</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="color: rgb(0, 0, 0); font-style: italic;">&#160;Less:</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%; padding-bottom: 2px;" colspan="1">
                  <div style="color: rgb(0, 0, 0);">&#160;Reclassification adjustments of interest rate swap gain/(loss)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 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: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">(4,287</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                  <div style="color: 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: #000000 solid 2px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0);">(1,174</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">
                  <div style="color: rgb(0, 0, 0);">)</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-weight: bold;">&#160;Other comprehensive income / (loss)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">(2,557</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-weight: bold;">)</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-weight: bold;">(1,764</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-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;Total comprehensive income</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">259,651</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">17,256</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: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="width: 100%;" class="BRPFPageFooter"></div>
          <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 style="width: 100%;" class="BRPFPageHeader">
            <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
          </div>
        </div>
        <div><br>
        </div>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Interim Condensed Consolidated Statements of Shareholders&#8217; Equity<a name="UnauditedShareholdersEq"><!--Anchor--></a><br>
        For the nine-month periods ended September 30, 2024 and 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>
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                <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;BALANCE, January 1, 2024</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">84,016,892</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">840</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,287,055</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">5,393</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">(633,218</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,660,070</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">262,208</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">262,208</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Other comprehensive income / (loss)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(2,557</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(2,557</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: top; width: 28%;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">13,263</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">13,271</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Dividends declared ($1.90 per share)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 28%;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(85</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt;">Issuance of common stock for Eagle Merger (Note 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>
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                <div style="color: #000000; font-size: 8pt;">28,082,319</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">281</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">665,270</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">665,551</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 28%;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">5,971,284</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">59</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">138,620</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">138,679</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000; font-size: 8pt;">&#160;Repurchase and cancellation of common shares (Note 9)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(933,004</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(9</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(19,240</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(19,249</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;BALANCE, September 30, 2024</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">117,892,303</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,179</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">3,084,883</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,836</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">(577,204</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
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              <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>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;BALANCE, January 1, 2025</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">117,630,112</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">&#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: #000000; font-size: 8pt; font-weight: bold;">1,142</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">&#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: #000000; font-size: 8pt; font-weight: bold;">3,083,906</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">&#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: #000000; font-size: 8pt; font-weight: bold;">2,299</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">&#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: #000000; font-size: 8pt; 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: #000000; font-size: 8pt; 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">&#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: #000000; font-size: 8pt; 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: #000000; font-size: 8pt;">&#160;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">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">19,020</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">19,020</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: #000000; font-size: 8pt;">&#160;Other comprehensive income / (loss)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(1,764</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(1,764</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;" colspan="1">
                <div style="color: #000000; font-size: 8pt;">&#160;Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,237,715</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">12</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">13,669</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">13,681</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: #000000; font-size: 8pt;">&#160;Dividends declared ($0.19 per share) (Note 9)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(75,421</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(75,467</div>
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                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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              <td valign="bottom" 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>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(6</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">&#160;BALANCE, September 30, 2025</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">114,209,924</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">1,142</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">3,022,126</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">535</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">(608,387</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
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                <div style="color: #000000; font-size: 8pt; font-weight: bold;">2,415,416</div>
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      <div><br>
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      <div>
        <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.</div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="width: 100%;" class="BRPFPageFooter"></div>
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-5</font></div>
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            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
          <div style="width: 100%;" class="BRPFPageHeader">
            <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
          </div>
        </div>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Unaudited Interim Condensed Consolidated Statements of Cash Flows<a name="UnauditedCashFlows"><!--Anchor--></a><br>
        For the nine-month periods ended September 30, 2024 and 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>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z8b52eab21da940e1a0ed506e71cae50c" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="7" rowspan="1">
                <div style="text-align: center; color: #000000; font-size: 8pt; font-weight: bold;">Nine months </div>
                <div style="text-align: center; color: #000000; font-size: 8pt; font-weight: bold;">ended September 30,</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;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> 2024</div>
              </td>
              <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;"> 2025</div>
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            <tr>
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                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Cash Flows from Operating Activities:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">262,208</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">19,020</div>
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            <tr>
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                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">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: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Depreciation</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,012</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">405</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">13,953</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">13,271</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">13,681</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Loss on write-down of inventory</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">4,602</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Change in fair value of derivatives</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(3,898</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(507</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(103</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(180</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">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: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(9,266</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Gain on hull and machinery claims</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(898</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(219</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Equity in income/(loss) of investee</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(36</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">61</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#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 style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Trade accounts receivable</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">27,406</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">6,912</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,407</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">16,565</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Prepaid expenses and other receivables</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(942</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,225</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(121</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">67</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Due from managers</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">23</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">43</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(19</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">44</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 style="vertical-align: bottom; width: 76%;" colspan="2">
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">1,632</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">5,110</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 style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating lease liability</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(11,961</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(21,099</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 style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Due to related parties</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">33</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(1,205</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 style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Accrued liabilities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(4,952</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(8,028</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 style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Due to managers</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">11,034</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">7,060</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 style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">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: #000000; font-size: 8pt;">(166</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,312</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; 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: 8pt;">Other current liabilities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">2,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" colspan="2">
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">394,856</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">194,843</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">253,549</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">141,540</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(914</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Cash acquired related to the Eagle Merger</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">104,325</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; 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: 8pt;">Hull and machinery insurance proceeds</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">3,420</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">12,147</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Investing Activities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">313,594</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">126,956</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Cash Flows from Financing Activities:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Proceeds from bank loans</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">388,120</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">248,000</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 style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Loan and lease prepayments and repayments</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(656,560</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(455,226</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 style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Financing and debt extinguishment fees paid</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(3,695</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(1,003</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 style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Dividends paid</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(206,194</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(21,829</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 style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Offering expenses paid</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(85</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; padding-bottom: 2px;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Repurchase of common shares</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(19,249</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(75,467</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000; font-size: 8pt;">)</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Net cash provided by / (used in) Financing Activities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(497,663</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">(305,525</div>
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              <td style="vertical-align: bottom; width: 38%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">210,787</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">16,274</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" colspan="2">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">261,750</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">440,880</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Cash and cash equivalents and restricted cash at end of period</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">472,537</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">457,154</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">SUPPLEMENTAL CASH FLOW INFORMATION:</div>
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              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: #CCEEFF;">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;"><br>
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">&#160;&#160;Cash paid during the period for:</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Interest, net of amount capitalized</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">64,958</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">53,034</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Non-cash investing and financing activities:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Shares issued in connection with Eagle Merger</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">665,551</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Vessel upgrades</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">5,254</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">6,450</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Assumed bank loans and Convertible notes debt related to Eagle Merger</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">514,180</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Right-of-use assets and lease obligations for charter-in contracts</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">115,257</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">924</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Unpaid costs of sales 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: #000000; font-size: 8pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">304</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
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                  items reported in the statements of cash flows:</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; padding-left: 2%; width: 76%; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Cash and cash equivalents</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">453,564</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">442,350</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 style="vertical-align: bottom; padding-left: 2%; width: 76%;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt;">Restricted cash, current</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">14,367</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">10,189</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; 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: 8pt;">Restricted cash, non-current</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">4,606</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt;">4,615</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 style="vertical-align: bottom; padding-left: 2%; width: 76%; padding-bottom: 4px;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">472,537</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-size: 8pt; font-weight: bold;">457,154</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>
      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="width: 100%;" class="BRPFPageFooter"></div>
          <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 style="width: 100%;" class="BRPFPageHeader">
            <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
          </div>
        </div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements<a name="NotestoUnauditedInterimCo"><!--Anchor--></a></div>
      <div style="font-weight: bold;">September 30, 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: #000000;">Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands
          on December&#160;13, 2006 and maintains offices in Athens, New York, 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: #000000;">The unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the &#8220;Company&#8221;) and have been prepared in
          accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) for interim financial information. Accordingly,
          they do not include all the information and notes required by U.S. GAAP for annual financial statements.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the year ended December 31, 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
          nine-month period ended September 30, 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: #000000;">The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated financial statements for the year ended December
          31, 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: #000000;">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 September 30, 2025, the Company owned a modern fleet of 139 dry bulk vessels (two of which were previously agreed to be sold, and were subsequently delivered to their new owners in October 2025, as discussed in
        Note 5) consisting of Newcastlemax, Capesize, Mini 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
        13.9 million dwt and an average age of 12.5 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 March 2026 and October 2026. In
        addition, through certain of its subsidiaries, the Company charters-in a number of third-party vessels <font style="color: #000000;">on a short-term basis and, as of September 30, 2025, charters-in eight 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-7</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 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 - continued:</font></div>
      <div><br>
      </div>
      <div style="font-style: italic;">Eagle Merger</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">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: #000000;">, 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: #000000;">At the Effective Time, each share of Eagle common stock issued and outstanding immediately prior to the Effective Time was cancelled in exchange for the right to receive 2.6211 shares of Star Bulk
        common stock, which resulted in the issuance of 28,082,319 shares of Star Bulk common stock. In addition, at the time of the Eagle Merger&#8217;s completion, 1,341,584 shares of Star Bulk common stock were issued in exchange for the 511,840 loaned shares
        of Eagle common stock (the &#8220;Eagle loaned shares&#8221;) outstanding in connection with Eagle&#8217;s 5.00% Convertible Senior Notes due 2024 (the &#8220;Convertible Notes&#8221;). 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 income statement since the Effective Time. As a result, financial information of Eagle since April 9, 2024 is included in the
        unaudited interim condensed consolidated income statement for the nine-month period ended September 30, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The following unaudited supplemental pro forma consolidated financial information reflects the results of operations for the nine-month period ended September 30, 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 cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb670b04c69a84d0f9e012e50455f2583" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 82%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Nine months ended</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 82%;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">September 30, 2024</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 82%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 82%;">
              <div style="color: #000000;">Pro forma voyage revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
              <div style="color: #000000;">1,059,940</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: #000000;">Pro forma operating income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div>306,708</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 82%;">
              <div style="color: #000000;">Pro forma net income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
              <div style="color: #000000;">246,732</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: #000000;">Pro forma income per share, 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: 15%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div>2.17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 82%;">
              <div style="color: #000000;">Pro forma income per share, diluted</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 15%;" colspan="1" class="cftnumcell">
              <div style="color: #000000;">2.13</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <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 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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Significant accounting policies and recent accounting pronouncements:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">A summary of the Company&#8217;s significant accounting policies and recent accounting pronouncements is included in Note 2 to the Company&#8217;s consolidated financial statements included in the 2024 Annual
          Report. During the nine-month period ended September 30, 2025, except for the accounting policy described below, there were no other 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>
      <div>
        <div style="color: #000000; font-style: italic; font-weight: bold;">Available-for-Sale Debt Securities</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">In accordance with ASC 320, Investments&#8212;Debt Securities, debt securities that the Company does not intend to hold to maturity and that are not classified as trading are classified as
          available-for-sale (&#8220;AFS&#8221;). AFS securities are measured at fair value, with unrealized gains and losses recognized in Other Comprehensive Income/(Loss) and realized gains and losses reclassified in earnings when the securities are sold, mature,
          or are deemed impaired.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The Company evaluates its AFS debt securities for credit losses at least quarterly. The Company holds bonds issued by Attica Bank. As of September 30, 2025, no allowance for credit losses has been
          recorded on the AFS debt security, consistent with the Company&#8217;s assessment that the security is investment-grade and shows no indication of credit impairment. Interest income is accrued using the effective interest method and reported under
          Interest income and other income/(loss).</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">AFS securities are presented in the balance sheet as either current or non-current assets based on management&#8217;s intended use. AFS securities are classified as current assets when management intends
          to use the portfolio to fund current operations, regardless of whether disposal is planned within the next 12 months. Otherwise, they are classified as non-current assets.</div>
      </div>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Transactions with related parties:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Details of the Company&#8217;s transactions with related parties did not change in the nine-month period ended September 30, 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: #000000;">Transactions and balances with related parties are analyzed as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z6d8b2a84a76247768b90c93e06800bec" class="cfttable">

            <tr>
              <td style="vertical-align: bottom; width: 74%;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; padding-bottom: 2px; width: 74%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">December 31, 2024</div>
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              <td style="vertical-align: bottom; padding-bottom: 2px; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">September 30, 2025</div>
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            <tr>
              <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 74%;">
                <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); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 74%;">
                <div style="color: rgb(0, 0, 0);">Interchart</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,361</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,275</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 74%; 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: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">247</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">272</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 74%; 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: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">125</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">125</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td style="vertical-align: bottom; width: 74%; 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: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">1,733</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">1,672</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 74%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" 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: 10%;" 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 style="vertical-align: bottom; width: 74%; 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: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#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: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 74%;">
                <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: 10%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">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: 10%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 74%; 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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">34</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 74%; 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: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">37</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">36</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 style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 74%;">
                <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: 10%;" 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: 10%;" 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 style="vertical-align: bottom; width: 74%; 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: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">178</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">186</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 style="vertical-align: bottom; width: 74%;">
                <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: 10%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">8</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 74%; 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: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">3,096</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,875</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: bottom; width: 74%; 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: #000000 double 4px;" colspan="1" class="cftcurrcell">
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                <div style="color: #000000; font-weight: bold;">3,274</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">2,069</div>
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        </table>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-9</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 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>
      <font style="font-weight: bold;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Transactions with related parties - continued:</font>
      <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="zf7a4810821094712b6ea34d298684de8" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Income statements</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: #000000 solid 2px;" colspan="7" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;"> Nine months ended September 30,</div>
              </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 style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
              </td>
              <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">&#160;Voyage expenses:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">&#160;Voyage expenses-Interchart</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(3,105</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(3,105</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">&#160;General and administrative expenses:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">&#160;Consultancy fees</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(594</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(596</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000;">&#160;Directors compensation</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(129</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(129</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">&#160;Office rent - Combine Marine Ltd. &amp;&#160; Alma Properties</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(28</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(32</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000;">&#160;General and administrative expenses - Oceanbulk Maritime S.A. and its affiliates</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(130</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</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-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: #000000;">&#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: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(1,865</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</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;">(2,344</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000; font-weight: bold;">&#160;Equity in income/(loss) of investee</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; 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;">&#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: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">55</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</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;">(86</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;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">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: #000000;">(19</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">25</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><br>
      </div>
      <div><font style="font-weight: bold;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Inventories:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The amounts shown in the consolidated balance sheets are analyzed as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z8d1cc7c5a2474914b796552238570c4f" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 74%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> December 31, 2024</div>
              </td>
              <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> September 30, 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 74%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">&#160;Lubricants</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">18,078</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">18,980</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 style="vertical-align: bottom; width: 74%; 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: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">60,511</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">41,991</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 74%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">&#160;Total</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">78,589</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">60,971</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><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-10</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 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;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Vessels and other fixed assets, net and Advances for vessels under construction:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The amounts in the consolidated balance sheets are analyzed as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <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="z76528c947458481fb26e04a1d0af91c3" class="cfttable">

              <tr>
                <td valign="bottom" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;"> Cost</div>
                </td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;"> Accumulated depreciation</div>
                </td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
                <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;"> Net Book </div>
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Value</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">&#160;Balance, December 31, 2024</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">
                  <div style="color: #000000; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-weight: bold;">4,250,798</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-weight: bold;">$</div>
                </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-weight: bold;">(1,042,441</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-weight: bold;">)</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">
                  <div style="color: #000000; font-weight: bold;">$</div>
                </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-weight: bold;">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>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%;" colspan="1">
                  <div style="color: #000000;">&#160;- Acquisition of vessels, vessel upgrades and other vessel costs</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000;">19,333</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000;">19,333</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div style="color: #000000;">&#160;- Other fixed assets</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div style="color: #000000;">214</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;">-</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;">214</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: 64%;">
                  <div style="color: #000000;">&#160;- Vessel sales</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;">(225,737</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="color: #000000;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div style="color: #000000;">71,601</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;">(154,136</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div style="color: #000000;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                  <div style="color: #000000;">&#160;- Depreciation for the period</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000;">(127,363</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                  <div style="color: #000000;">(127,363</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                  <div style="color: #000000;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px;">
                  <div style="color: #000000; font-weight: bold;">&#160;Balance, September 30, 2025</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-weight: bold;">4,044,608</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-weight: bold;">(1,098,203</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                  <div style="color: #000000; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                  <div style="color: #000000; font-weight: bold;">$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                  <div style="color: #000000; font-weight: bold;">2,946,405</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 2025, the Company decided to opportunistically sell certain vessels and renew its fleet. Specifically, <font style="font-style: italic;">Bittern</font>
          (which was actively marketed as of December 31, 2024), <font style="font-style: italic;">Star Omicron, Strange Attractor, Puffin Bulker, Star Canary</font>,<font style="font-style: italic;"> Star Petrel,</font>&#160;<font style="font-style: italic;">Oriole,










            Star Georgia, Star Nighthawk, Star Danai, Star Goal and Star Owl</font> were agreed to be sold and delivered to their new owners within this period. In addition, during the nine-month period ended September 30, 2025, the Company also agreed to
          sell <font style="font-style: italic;">Star Runner </font>and<font style="font-style: italic;"> Star Sandpiper</font> which were delivered to their new owners in October 2025 (Note 16).</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">For the nine-month period ended September 30, 2025, the Company recognized a net loss on sale of vessels of $13,953, which is separately reflected in the unaudited interim condensed consolidated
          income statement for the corresponding period.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">As of September 30, 2025, 118 of the Company&#8217;s vessels, having a net carrying value of $2,599,204, 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;two&#160;vessels with a carrying value of $38,028 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: #000000;">The amounts reported under &#8220;</font><font style="font-style: italic;">Acquisition of vessels, vessel upgrades and other vessel costs</font><font style="color: #000000;">&#8221; in the table
            above, which were incurred during the nine-month period ended September 30, 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><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-11</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 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;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Vessels and other fixed assets, net and Advances for vessels under construction - continued:</font></div>
      <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: #000000;">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 March 2026 through October 2026.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The amounts shown in the consolidated balance sheets are analyzed as follows:</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="z8791fd70dea54d9e9ba9ec588b95372d" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Balance, December 31, 2024</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: #000000 double 4px; border-top: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; border-top: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">27,526</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; border-top: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="color: #000000;">&#160;- Pre-delivery yard installments and capitalized 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;">5,673</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); padding-bottom: 2px;">
                <div style="color: #000000;">- Capitalized interest and finance costs</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;">1,115</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: 88%; padding-bottom: 4px;">
                <div style="color: #000000; font-weight: bold;">Balance, September 30, 2025</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">34,314</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>
      As of September 30, 2025, the total <font style="color: #000000;">aggregate remaining contracted price, including scrubber installation costs, for the five vessels under construction was $152,477, payable in periodic installments up to their
        deliveries, of which $130,425 is payable during the next twelve months ending September 30, 2026, and the remaining $22,052 is payable until their expected delivery from the shipyard in October 2026.</font>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-12</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Operating leases:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; font-weight: bold;">a) Time charter-in vessel agreements</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The carrying value of the assets and liabilities recognized on the balance sheet as of December 31, 2024 and September 30, 2025 in connection with the time charter-in vessel arrangements with an initial term
        exceeding 12 months amounted to $181,618&#160;and $161,324, 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;<font style="color: #000000;">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, is approximately&#160;5.3%.</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The time charter-in hire payments required to be made after September 30, 2025, for these outstanding operating lease liabilities are as follows:</div>
      </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="ze8212a404c1b42b2900968e4c58f3c06" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">Twelve month periods ending</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Amount</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                <div style="color: #000000;">September 30, 2026</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">35,618</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: 88%;">
                <div style="color: #000000;">September 30, 2027</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">35,276</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: #CCEEFF;">
                <div style="color: #000000;">September 30, 2028</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">36,545</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: 88%;">
                <div style="color: #000000;">September 30, 2029</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;">30,146</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: #CCEEFF;">
                <div style="color: #000000;">September 30, 2030</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;">29,666</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: 88%; padding-bottom: 2px;">
                <div style="color: #000000;">September 30, 2031 and thereafter</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">19,668</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: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Total undiscounted lease payments</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">186,919</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: 88%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000;">Discount based on incremental borrowing rate</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(25,595</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Present value of lease liability</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">161,324</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="color: #000000;">Operating lease liabilities, current</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">27,547</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: #CCEEFF;">
                <div style="color: #000000;">Operating lease liabilities, non-current</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">133,777</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 style="text-align: justify;"><font style="color: #000000;">The weighted average remaining lease term of these charter-in vessel arrangements as of September 30, 2025 is&#160;5.4 years. </font>The charter-in hire expenses for the long-term charter-in
        arrangements for the nine-month periods ended September 30, 2024 and 2025 were $<font style="color: #000000;">15,905</font> and $27,749, 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><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <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 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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Operating leases - continued:</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; font-weight: bold;">b) Office rental arrangements</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">The carrying value of the assets and liabilities recognized </font>on the balance sheet<font style="color: #000000;"> as of December 31, 2024 and September 30, 2025 in connection with
          the office rental arrangements amounted to $2,891&#160;and $3,012, respectively, </font>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<font style="color: #000000;">. 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, is approximately&#160;5.2%. </font>The office rental payments required to be made after September 30, 2025 for these outstanding operating lease liabilities are as follows:</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="zfd3ec948e9f448ab85d81d42af570b83" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">Twelve month periods ending</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Amount</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                <div style="color: #000000;">September 30, 2026</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,195</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: 88%;">
                <div style="color: #000000;">September 30, 2027</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">931</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: #CCEEFF;">
                <div style="color: #000000;">September 30, 2028</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">721</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: 88%;">
                <div style="color: #000000;">September 30, 2029</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;">308</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: #CCEEFF;">
                <div style="color: #000000;">September 30, 2030</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;">101</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: 88%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000;">September 30, 2031 and thereafter</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000; font-weight: bold;">Total undiscounted lease payments</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">3,256</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: 88%; padding-bottom: 2px;" colspan="1">
                <div style="color: #000000;">Discount based on incremental borrowing rate</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(244</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Present value of lease liability</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">3,012</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: 88%;" colspan="1">
                <div style="color: #000000;">Operating lease liabilities, current</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,102</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: #CCEEFF;" colspan="1">
                <div style="color: #000000;">Operating lease liabilities, non-current</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,910</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 style="text-align: justify;"><font style="color: #000000;">The weighted average remaining lease term of these office rental arrangements as of September 30, 2025 is&#160;3.2 years. </font>The lease expenses for these office rental arrangements for
        the nine-month periods ended September 30, 2024 and 2025 were <font style="color: #000000;">$979</font> and $1,252, 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><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <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 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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Lease financings:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Details of the Company&#8217;s lease financings are discussed in Note 7 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual Report.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The Company&#8217;s lease financings bear interest at Secured Overnight Finance Rate&#160;(&#8220;SOFR&#8221;) 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 style="text-align: justify; color: #000000;"> <br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The principal payments required to be made after September 30, 2025 for the Company&#8217;s outstanding finance lease obligations recognized on the balance sheet as of that date are as follows:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zeef94e0e8de148d0b04cd8abb0d69e5b" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">Twelve month periods ending</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Amount</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                <div style="color: #000000;">September 30, 2026</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">2,731</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: 88%;">
                <div style="color: #000000;">September 30, 2027</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">2,731</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: #CCEEFF;">
                <div style="color: #000000;">September 30, 2028</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">2,731</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: 88%;">
                <div style="color: #000000;">September 30, 2029</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">4,042</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: #CCEEFF;">
                <div style="color: #000000;">September 30, 2030</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,023</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: 88%; padding-bottom: 2px;">
                <div style="color: #000000;">September 30, 2031 and thereafter</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Total bareboat lease minimum payments</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">13,258</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: 88%; padding-bottom: 2px;">
                <div style="color: #000000;">Unamortized lease issuance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(24</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Total bareboat lease minimum payments, net</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">13,234</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: 88%;">
                <div style="color: #000000;">Lease financing short term</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">2,731</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: #CCEEFF;" colspan="1">
                <div style="color: #000000;">Lease financing long term, net of unamortized lease issuance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">10,503</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><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 &amp; Revolving facilities:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Details of the Company&#8217;s credit facilities are discussed in Note 8 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual Report and
          supplemented by the new financing activities presented below.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-weight: bold;">New Financing activities during the nine-month period ended September 30, 2025</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-weight: bold;">i) ING $185,000 Facility:</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">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 the
        proceeds of which were used to refinance the outstanding amount of the then existing ING Facility, as discussed below, and 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 previously part
        of the collateral securing the then existing ING Facility.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <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 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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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>
      <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 &amp; Revolving facilities - continued:</font>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-weight: bold;">ii) Fubon $43,000 Facility:</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">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 then existing 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: #000000; font-weight: bold;">iii) ESUN $130,000 Facility:</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">On April 10, 2025, the Company entered into a loan agreement with E.SUN Commercial Bank Ltd. for a loan amount of up to $130,000 (the &#8220;ESUN $130,000 Facility&#8221;) for the post-delivery financing of
          five of the Kamsarmax vessels currently under construction (Note 5). The ESUN $130,000 Facility will mature seven years after drawdown date and will be secured by first priority mortgages on five of the vessels under construction when delivered.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-weight: bold;">iv) ABN Revolving Facility:</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">On May 30, 2025, the Company entered into an agreement with ABN AMRO Bank N.V. (&#8220;ABN AMRO&#8221;) for a senior secured revolving credit facility in a principal amount of up to $50,000 (the &#8220;ABN Revolving
          Facility&#8221;) in order to finance working capital requirements. Amounts under the ABN Revolving Facility are available to be drawn for, and are repayable within, 12 months from the date of the agreement, with an option to extend the repayment for an
          additional 12 months upon mutual agreement. Each amount drawn under the ABN Revolving Facility will be secured by first priority mortgage on the vessels <font style="font-style: italic;">Star Eva, Star Aphrodite, Star Lydia</font> and <font style="font-style: italic;">Star Nicole.</font></div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-weight: bold;">v) NBG Revolving Facility:</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">On June 25, 2025, the Company entered into an agreement with National Bank of Greece S.A. (&#8220;NBG&#8221;) for a secured revolving credit facility in a principal amount of up to $65,000 (the &#8220;NBG Revolving
          Facility&#8221;) in order to finance working capital requirements. The NBG Revolving Facility is available for three years after the date of the agreement, and each amount drawn under the facility will be repayable within one year from the date of such
          borrowing.&#160; Each drawn amount under the NBG Revolving Facility will be secured by first priority mortgage on the vessels <font style="font-style: italic;">Star Pauline, Star Borneo, Star Marilena, Star Bueno, Star Angie, Star Kamila, Star Sophia</font>
          and <font style="font-style: italic;">Star Nina.</font></div>
      </div>
      <div><br>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <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 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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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>
      <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 &amp; Revolving facilities - continued:</font>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Prepayments</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">In addition to the scheduled repayments during the nine-month period ended September 30, 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 under the ABN AMRO $97,150 Facility secured by the vessels <font style="font-style: italic;">Star Eva, Star Aphrodite, Star Lydia and Star Nicole</font>,
          ii) $154,920 corresponding to the outstanding amount under the then 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, Star Borneo</font> and <font style="font-style: italic;">Star Bueno</font>, iv) $28,410 corresponding to the total outstanding loan amount of the vessels <font style="font-style: italic;">Star Luna, Star Astrid, Star Genesis, Star
            Electra</font> and <font style="font-style: italic;">Star Monica</font> under the DNB $107,500 Facility and v) $50,137 corresponding to the respective outstanding loan amounts of the vessels agreed to be sold as discussed in Note 5.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">As of December 31, 2024 and September 30, 2025, the Company was required to maintain minimum liquidity, not legally restricted, of $75,500 and $69,500, 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 September 30, 2025, the Company was required to maintain a minimum liquidity, legally restricted (including the cash
        collateral required under certain of the Company&#8217;s forward freight agreements (&#8220;FFAs&#8221;), as described in Note 13), of $15,814 and $14,804, respectively. The decrease in restricted cash is mainly attributable to the decrease 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: #000000;">As of September 30, 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
          above and 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 style="text-align: justify;">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) and taking into
        account the interest rate swaps, for the nine-month periods ended September 30, 2024 and 2025 was 6.59% and 5.95%, respectively. The commitment fees incurred during the nine-month periods ended September 30, 2024 and 2025 were nil and $130,
        respectively. As of September 30, 2025, the Company had an aggregate amount of $245,000 available to be drawn under the i) ESUN $130,000 Facility, ii) the ABN Revolving Facility and iii) the NBG Revolving Facility.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-17</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 2025</div>
      <div>
        <div style="text-align: justify; color: #000000; 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>
      <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 &amp; Revolving facilities - continued:</font>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The principal payments required to be made after September 30, 2025 for the outstanding bank debt as of that date are as follows:</div>
      </div>
      <div><br>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zabaafe7ff43e47c1a4d580ac3028d7aa" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">Twelve month periods ending</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> Amount</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2026</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">195,437</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: 88%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2027</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">272,020</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: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2028</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">245,790</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: 88%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2029</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;">195,343</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: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2030</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;">95,260</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: 88%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">September 30, 2031 and thereafter</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">54,858</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: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Long-term bank loans &amp; Revolving facilities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">1,058,708</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: 88%; padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Unamortized loan issuance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(5,608</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Long-term bank loans &amp; Revolving facilities, net</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">1,053,100</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: 88%;">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Current portion of long-term bank loans &amp; Revolving facilities</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;">195,437</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; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Total current portion of long term debt</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;">195,437</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%;" colspan="1">
                <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Long-term bank loans &amp; Revolving facilities, net of current portion and unamortized loan 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: #000000;">857,663</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <br>
      </div>
      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" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zcc8d9637f39c463ea975a6846cc3d679" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="7" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">Nine months </div>
                <div style="text-align: center; color: #000000; font-weight: bold;">ended September 30,</div>
              </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 style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
              </td>
              <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000;">Interest on financing agreements</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">72,249</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">54,290</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;">Less: Interest capitalized</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;">(861</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(1,114</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000;">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Loss</div>
              </td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
              <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">(4,287<br>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">) <br>
              </td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(551</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">Amortization of debt (loan &amp; lease) 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: #000000;">2,664</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;">2,419</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: #000000;">Other bank and finance charges</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;">746</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">778</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: #000000; font-weight: bold;">Interest and finance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">70,511</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">55,822</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>&#160;</div>
      <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 2025, in connection with the loan prepayments described above, the Company wrote off an amount of $1,094 of unamortized debt issuance costs and
        incurred prepayment fees of $75, 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
        nine-month period ended September 30, 2024, the Company wrote off an amount of $954 of unamortized debt issuance costs and incurred other expenses of $58 in connection with certain loan prepayments, 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.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-18</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </div>
      </div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">STAR BULK CARRIERS CORP.<br>
        Notes to Unaudited Interim Condensed Consolidated Financial Statements</div>
      <div style="font-weight: bold;">September 30, 2025</div>
      <div>
        <div style="text-align: justify; color: #000000; 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;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Preferred and Common Shares and Additional Paid-in Capital:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Details of the Company&#8217;s preferred shares and common shares are discussed in Note 9 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the 2024
          Annual Report.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 2025, the Company issued 1,237,715 common shares to the Company&#8217;s directors and employees in connection with its equity incentive plans (Note 11).</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">On August 6, 2025, the Company&#8217;s Board of Directors cancelled the previous share repurchase program under which $20,376 was still outstanding to be repurchased and authorized a new share repurchase
          program, with similar terms, of up to an aggregate of $100,000 (together with the previous authorized share repurchase programs, the &#8220;Share Repurchase Program&#8221;). The timing and amount of any repurchases will be in the sole discretion of the
          Company&#8217;s management team, and will depend on legal requirements, market conditions, the share price, alternative uses of capital and other factors. The Company is not obligated under the terms of the Share Repurchase Program to repurchase any of
          its common shares. The Share Repurchase Program has no expiration date and may be suspended or terminated by the Company&#8217;s Board of Directors at any time without prior notice. Common shares purchased as part of this program will be cancelled by
          the Company.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">During the nine-month period ended September 30, 2025, under the Share Repurchase Program, as described above, the Company repurchased 4,657,903 common shares in open market transactions at an
          average price of $16.20 per share for an aggregate consideration of $75,467, including commissions. All repurchased shares under the Share Repurchase Program were cancelled and removed from the Company&#8217;s share capital as of September 30, 2025.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Pursuant to its dividend policy, during the nine-month period ended September 30, 2025, the Company declared and paid cash dividends of $21,829, or $0.19 per common share.</div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-19</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">June 30, 2025</div>
      <div>
        <div style="text-align: justify; color: #000000; 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;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Earnings per Share:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The computation of basic earnings per share is based on the weighted average number of common shares&#160;outstanding for the nine-month periods ended September 30, 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: #000000;">The Company calculates basic and diluted earnings per share as follows:</div>
      </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="ze131caa8ca8d48688b00e674b3e1b081" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="7" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">Nine months </div>
                <div style="text-align: center; color: #000000; font-weight: bold;">ended September 30,</div>
              </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 style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
              </td>
              <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Income :</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: #000000;">Net income</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">262,208</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">19,020</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Basic earnings per share:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000;">Weighted average common shares outstanding, basic</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">103,364,099</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">115,551,743</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Basic earnings per share</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">2.54</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">0.16</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Effect of dilutive securities:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000;">Dilutive potential common shares</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">2,181,573</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">356,578</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">Weighted average common 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;">105,545,672</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;">115,908,321</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: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;">Diluted earnings per share</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">2.48</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">0.16</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-20</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 2025</div>
      <div>
        <div style="text-align: justify; color: #000000; 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;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Equity Incentive Plans:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Details of the Company&#8217;s equity incentive plans and share awards granted through December 31, 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: #000000;">In May 2025, the Company&#8217;s Board of Directors adopted the 2025 Equity Incentive Plan (the &#8220;2025 Plan&#8221;) and reserved for issuance 1,245,000 common shares thereunder. On May 7, 2025, all of
          the&#160;1,245,000&#160;restricted common shares were granted to certain directors, officers and employees, of which&#160;717,450&#160;restricted common shares vest in November 2025,&#160;403,947&#160;restricted common shares vest in May 2026 and the remaining&#160;123,603&#160;common
          shares vest in May 2028. The fair value of each share was $14.96 based on the closing price of the Company&#8217;s common shares on the grant date.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The share-based compensation cost for the nine-month periods ended September 30, 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 $13,271 and $13,681, respectively.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">A summary of the status of the Company&#8217;s non-vested restricted shares as of September 30, 2025 and the movement during the nine-month period ended September 30, 2025 is presented below.</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z0409a9a89faf435194351db0e333b19a" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 70%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Number of </div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">shares</div>
              </td>
              <td style="vertical-align: bottom; padding-bottom: 2px; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Weighted Average Grant </div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Date Fair Value</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 70%; background-color: rgb(204, 238, 255);">
                <div style="color: #000000; font-weight: bold;">Unvested as at January 1, 2025</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">358,791</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">24.97</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 70%;">
                <div style="color: #000000;">Granted</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,680,450</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">14.96</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="color: #000000;">Vested</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(666,741</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">18.95</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 4px;">
                <div style="color: #000000; font-weight: bold;">Unvested as at September 30, 2025</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">1,372,500</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">15.64</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: #000000;">As of September 30, 2025, the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $8,559 and is expected to be recognized over the weighted average
          period of 0.96 years. During the nine-month period ended September 30, 2025, the Company paid $170 for dividends to shareholders of non-vested shares.</div>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-21</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 2025</div>
      <div>
        <div style="text-align: justify; color: #000000; 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;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Commitments and Contingencies:</font></div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-weight: bold;">a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Commitments:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The following tables set forth inflows and outflows related to the Company&#8217;s charter party arrangements and other commitments, as of September 30, 2025.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;"><u>Charter party arrangements</u>:</div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z2d36bedd24f6450087e8c71c55bba3c1" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="27" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">Twelve month periods ending September 30,</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="color: #000000; font-style: italic;">+ inflows/ - outflows</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
              </td>
              <td style="vertical-align: bottom; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2026</div>
              </td>
              <td style="vertical-align: bottom; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2027</div>
              </td>
              <td style="vertical-align: bottom; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2028</div>
              </td>
              <td style="vertical-align: bottom; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2029</div>
              </td>
              <td style="vertical-align: bottom; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2030</div>
              </td>
              <td style="vertical-align: bottom; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">2031 and </div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">thereafter</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;" colspan="1">
                <div style="color: #000000;">Future, minimum, non-cancellable charter revenues (1)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">164,829</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">153,516</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">11,313</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</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: 16%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">164,829</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">153,516</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">11,313</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</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>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa0b7cab7eb141abad90c57b6cfd0af6">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The amounts represent the minimum contractual charter revenues to be generated from the existing, as of September&#160;30, 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 September 30, 2025 and ii) the remaining minimum duration of each non-cancellable time charter agreement.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;"><u>Other commitments:</u></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="zcf59d6af64c6484ab042ec5b6251e409" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 16%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="27" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">Twelve month periods ending September 30,</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%;">
                <div style="color: #000000; font-style: italic;">+ inflows/ - outflows</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
              </td>
              <td style="vertical-align: bottom; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="2">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2026</div>
              </td>
              <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td style="vertical-align: bottom; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2027</div>
              </td>
              <td style="vertical-align: bottom; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2028</div>
              </td>
              <td style="vertical-align: bottom; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2029</div>
              </td>
              <td style="vertical-align: bottom; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2030</div>
              </td>
              <td style="vertical-align: bottom; width: 1%; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">2031 and </div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">thereafter</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 16%; background-color: #CCEEFF;">
                <div style="color: #000000;">Future minimum charter-in hire payments (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;">(2,661</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(2,661</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</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;">-</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;">-</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;">-</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;">-</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: 16%; padding-bottom: 2px;">
                <div style="color: #000000;">Vessel BWTS upgrades and ESD (2)</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;">(4,123</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <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;">(4,123</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</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;">-</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;">-</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;">-</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: 16%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">(6,784</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">(6,784</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</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>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38aa7315ad2a4b21998265f6f9bd137c">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; 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 September 30, 2025, time charter-in arrangements for third party vessels other than those described in Note 6.</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="z98d556ca5c87401d9ea98fadea02f41b">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The amounts represent the Company&#8217;s commitments as of September 30, 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 September 30, 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <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 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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 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>
      <font style="font-weight: bold;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Commitments and Contingencies - continued:</font>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-weight: bold;">b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Legal proceedings</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt; color: rgb(0, 0, 0); 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. 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.</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt; color: rgb(0, 0, 0); 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 style="text-align: justify;">&#160;</div>
      <div style="margin-left: 36pt; color: rgb(0, 0, 0); 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="margin-left: 36pt; color: rgb(0, 0, 0); text-align: justify;">As part of the Eagle Merger, the Company acquired a subsidiary involved in a legal case concerning environmental compliance. As previously disclosed, that subsidiary has now
        pleaded guilty to one count alleging failure to maintain an accurate oil record book on board a vessel in violation of The Act to Prevent Pollution from Ships (&#8220;APPS&#8221;), accepted to enter into the relevant plea agreement (the &#8220;Agreement&#8221;), 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. On October 16, 2025 the U.S. District Court Judge in the Eastern District of Louisiana accepted the guilty plea, approved the Agreement, imposed the agreed upon sentence and placed the subsidiary on a 4-year term of probation with
        standard and customary conditions of probation. The Company does not believe that this matter will have a material impact on the Company, its financial condition, or results of operations.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt; color: rgb(0, 0, 0); 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="margin-left: 36pt; color: rgb(0, 0, 0); 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><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-23</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 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;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Fair value measurements and Hedging:</font></div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Fair value on a recurring basis:</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Interest rate swaps</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Details of the Company&#8217;s interest rate swaps are discussed in Note 18 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual Report.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Until March 31, 2025, all of the Company&#8217;s interest rate swaps were designated and qualified as cash flow hedges and the effective portion of the unrealized gains/losses was recorded in &#8220;Other
        Comprehensive Income/(Loss)&#8221;. On April 1, 2025, all of these were de-designated from cash flow hedges since they no longer met the hedging relationship criteria, and the gain from the de-designated interest rate swaps along with the interest
        received, which&#160; amounted to $751, is separately reflected under &#8220;Gain/(Loss) on derivative financial instruments, net&#8221; in the unaudited interim condensed consolidated income statement for the corresponding period.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">As of September 30, 2025, the Company had no interest rate swaps in place.</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">In addition, during the nine-month period ended September 30, 2025, in connection with the prepayment of the then existing ING Facility and SEB $39,000 Facility (Note 8), the Company early
          terminated the two related interest rate swap agreements and recorded a gain of $771, which is included under &#8220;Gain/(Loss) on debt extinguishment, net&#8221; in the unaudited interim condensed consolidated income statement for the corresponding period.</div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-24</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 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;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Fair value measurements and Hedging - continued:</font></div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Fair value on a recurring basis - continued:</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Freight Derivatives and Bunker Swaps</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The results of the Company&#8217;s freight derivatives and bunker swaps for the nine-month periods ended September 30, 2024 and 2025 and the valuation of their open positions as of December 31, 2024 and
          September 30, 2025 are presented in the tables below.</div>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The amounts of Gain / (Loss) on interest rate swaps, freight derivatives, foreign currency forward contracts and bunker swaps recognized in the unaudited interim condensed consolidated income
          statements are analyzed as follows:</div>
      </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="zf0f23b98c7f24c7ab3bb8ce0b6213f40" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; text-align: center;" colspan="7" rowspan="1">&#160;Nine months ended September 30,<br>
              </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="3" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;"> 2024</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="3" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;"> 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Consolidated Income Statement</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; margin-left: 9pt;">Gain/(Loss) on derivative financial instruments, net</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" colspan="1">
                <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Realized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps</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;">175</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,192</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
                <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Urealized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(1,880</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(441</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Realized gain/(loss) of foreign currency forward contracts</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;">103</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Gain/(loss) recognized</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">(1,602</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">751</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; margin-left: 9pt;">Interest and finance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss)</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;">4,287</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">551</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">Total Gain/(loss) recognized</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">4,287</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">551</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>
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              <td valign="bottom" style="vertical-align: top; width: 76%;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000;">Realized gain/(loss) on FFAs</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(10,080</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,447</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">Realized gain/(loss) on bunker swaps</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">63</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,811</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="color: #000000;">Unrealized gain/(loss) on FFAs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">5,809</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">608</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000;">Unrealized gain/(loss) on bunker swaps</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(31</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">340</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">Total Gain/(loss) recognized</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">(4,239</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div style="color: #000000; font-weight: bold;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">4,206</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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        </table>
      </div>
      <div><br>
      </div>
      The following table summarizes the valuation of the Company&#8217;s financial instruments as of December 31, 2024 and September 30, 2025, based on Level 1 quoted market prices in active markets.
      <div><br>
      </div>
      <div>
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              <td valign="bottom" rowspan="1" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: middle; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="15" rowspan="1"><font style="font-weight: bold;">Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)</font></td>
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            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="7" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2024</div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="7" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2025</div>
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              <td valign="bottom" style="vertical-align: top; padding-left: 17%; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;"><br>
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              <td style="vertical-align: middle; padding-bottom: 2px;"><font style="font-weight: bold;">Balance Sheet Location</font> <br>
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              <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">(not designated as </div>
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              <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">(designated as cash flow hedges)</div>
              </td>
              <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">(not designated as cash flow hedges)</div>
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              <td nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">(designated as </div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">cash flow hedges)</div>
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            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">ASSETS</div>
              </td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 26%;">
                <div style="color: #000000;">FFAs - current</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%;">
                <div style="color: #000000;">Derivatives, current asset portion</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">65</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">673</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000;">Bunker swaps - current</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000;">Derivatives, current asset portion</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">63</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">403</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 26%;">
                <div style="color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">128</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">1,076</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
      </div>
      <br>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></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>
        <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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Fair value measurements and Hedging - continued:</font></div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Fair value on a recurring basis - continued:</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">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 September 30, 2025 amounted to $732 and $35, respectively, and are included within &#8220;<font style="font-style: italic;">Restricted cash, current</font>&#8221; in the consolidated balance sheets (Note
        8).</div>
      <div><br>
      </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 September 30, 2025, based on Level 2 observable market based inputs or unobservable inputs
        that are corroborated by market data.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z5efddb709e4a4fb8b30bff26c9e7289a" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="15" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">Significant Other Observable Inputs (Level 2)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: top;">&#160;&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="7" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2024</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="7" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 17%; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;"><br>
                </div>
              </td>
              <td style="vertical-align: middle; font-weight: bold; padding-bottom: 2px;">Balance Sheet Location <br>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; color: #000000; font-weight: bold;">(not designated as cash flow hedges)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; color: #000000; font-weight: bold;">(designated as cash flow hedges)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; color: #000000; font-weight: bold;">(not designated as cash flow hedges)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; color: #000000; font-weight: bold;">(designated as </div>
                <div style="text-align: center; color: #000000; font-weight: bold;">cash flow hedges)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                <div style="color: #000000; font-weight: bold;">ASSETS</div>
              </td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 26%;">
                <div style="color: #000000;">Interest rate swaps - current</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%;">
                <div style="color: #000000;">Derivatives, current asset portion</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">2,049</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000;">Interest rate swaps - non-current</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="color: #000000;">Derivatives, non-current asset portion</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">330</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 26%;">
                <div style="color: #000000; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">2,379</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">-</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>
        <div style="text-align: justify; color: #000000;">The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments.
          The fair value of long-term bank loans, revolving facilities and lease financings (Level 2), bearing interest at variable interest rates, approximates their recorded values as of September 30, 2025 due to the variable interest rate nature
          thereof.</div>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Investment in debt security</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In June 2025, the Company acquired a Tier&#8239;2 subordinated bond issued by Attica Bank with a principal amount of &#8364;800,000 and a fixed annual interest rate of 7.375%. The bond was issued on June 13,
        2025, matures on June 13, 2035, and is listed on the Luxembourg Stock Exchange. This investment was made as part of the Company&#8217;s short-term cash and liquidity management strategy.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The bond is classified as an available-for-sale (&#8220;AFS&#8221;) debt security under U.S. GAAP in accordance with ASC 320. The investment is included under &#8220;<font style="font-style: italic;">Other current
          assets</font>&#8221; in the consolidated balance sheet as of September 30, 2025 and the unrealized gain/loss of the AFS Debt security is recorded in &#8220;<font style="font-style: italic;">Other Comprehensive Income/(Loss)</font>&#8221;.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The amortized cost and fair value of AFS debt security, based on its quoted price in active market (Level 1), as of September 30, 2025, are summarized as follows:</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z4bf1d08be1784e459393f55ad60cec14" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 26%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 26%;">&#160;&#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="11" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-left: 17%; width: 26%; padding-bottom: 2px;">
                <div style="color: #000000; font-weight: bold;"><br>
                </div>
              </td>
              <td style="vertical-align: middle; width: 26%; padding-bottom: 2px;"><font style="font-weight: bold;">Balance Sheet Location</font> <br>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">Amortized Cost</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: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">Unrealized gain/(loss)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3" rowspan="1">
                <div style="text-align: center; color: #000000; font-weight: bold;">Fair value</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 26%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 26%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">
                <div style="color: #000000;">AFS Debt Security</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 26%; padding-bottom: 2px;">
                <div style="color: #000000;">Other current assets</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">914</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">94</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,008</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 26%; background-color: rgb(204, 238, 255);">&#160;&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">914</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">94</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 13%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">1,008</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><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-26</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Other operational gain:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">During the nine-month period ended September 30, 2025, the Company recorded a gain of $14,650 under &#8220;<font style="font-style: italic;">Other Operational Gain</font>&#8221; in the unaudited interim condensed consolidated
        income statement. This gain 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 expects to require settlement; (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; and (d) $3,086 derived from various insurance claims. During the nine-month period ended September 30, 2024, the Company recorded a gain of $4,410, primarily derived from various insurance claims.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Voyage revenues:</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the nine-month periods ended September 30, 2024 and 2025, as presented in the
          unaudited interim condensed consolidated income statements:</div>
      </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="z479a03af96d744a38022883eb1faab85" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="7" rowspan="1">&#160;<font style="font-weight: bold;">Nine months ended September 30,</font><br>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2024</div>
              </td>
              <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1" class="cftguttercell">&#160;</td>
              <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="3" rowspan="1">
                <div style="color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="color: #000000;">Time charters</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">527,321</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
                <div style="color: #000000;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div style="color: #000000;">501,427</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;">Voyage charters</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;">429,891</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;">238,622</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                <div style="color: #000000;">Pool revenues</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">(670</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">
                <div style="color: #000000;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div style="color: #000000;">1,864</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;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">956,542</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div style="color: #000000; font-weight: bold;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div style="color: #000000; font-weight: bold;">741,913</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 style="text-align: justify; color: #000000;">As of September 30, 2025, trade accounts receivable from voyage charter agreements decreased to $16,494 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 unaudited 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 nine-month
        period ended September 30, 2025. No write-off was recorded in periods presented in connection with the voyage charter agreements.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Further, as of September 30, 2025, capitalized contract fulfilment costs which are recorded under &#8220;<font style="font-style: italic;">Other current assets</font>&#8221; decreased by $2,402 compared to
          December 31, 2024, to $2,031 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: #000000;">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 nine-month period ended September 30, 2025 as the performance obligations were satisfied in that period. In addition, the Company recorded $6,487 as
          unearned revenue related to voyage charter agreements in progress as of September 30, 2025, which is presented under &#8220;<font style="font-style: italic;">Deferred revenue</font>&#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: #000000;">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 $41,741 and $23,223 for the nine-month periods ended September 30, 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-27</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></div>
        </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;">September 30, 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>
      <font style="font-weight: bold;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Voyage revenues - continued:</font>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Demurrage income for the nine-month periods ended September 30, 2024 and 2025 amounted to $16,179 and $8,778, 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: #000000;">The adjustment to Company&#8217;s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels as determined in accordance with the agreed-upon formula,
          for the nine-month periods ended September 30, 2024 and 2025 was $(649) and&#160;$1,864, respectively, and is included within &#8220;<font style="font-style: italic;">Pool Revenues</font>&#8221; in the table above. The remaining amount of ($21) for the nine-month
          period ended September 30, 2024, refers to other participation adjustments deriving from profit sharing from participation in charter-in agreements with other parties.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">As discussed in Note 1, during the nine-month periods ended September 30, 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 nine-month periods ended September 30, 2024 and 2025 amounted to $57,292 and $64,134, respectively, and are included in &#8220;<font style="font-style: italic;">Voyage
          revenues</font>&#8221; in the consolidated income statements, out of which $22,335 and $29,041, respectively, constitute sublease income deriving from time charter agreements.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-28</font></div>
        <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 style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#FINANCIALSTATEMENTS">Table of Contents</a></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;">September 30, 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;">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Subsequent Events:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za244c26101f84bc7ac68fde613a97700">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 21, 2025, the Company prepaid $6,935 corresponding to the outstanding loan amount of the vessel <font style="font-style: italic;">Star Wave</font> under the CEXIM $57,564 Facility.</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="z5f561e1be2974c16bd7028f09b1b432d">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 21, 2025 and October 31, 2025, the vessels <font style="font-style: italic;">Star Runner</font> and <font style="font-style: italic;">Star Sandpiper</font> were delivered to their new owners, respectively.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>In November 2025, the Company entered into a committed term sheet with DNB Bank ASA for a loan facility of up to $100,000 (the &#8220;New DNB $100,000 Facility&#8221;). The facility amount will be used to refinance the outstanding amount under the
                existing DNB $100,000 Facility as well as to replenish cash used to prepay the DNB $107,500 Facility (Note 8) and the outstanding loan amount of the vessel <font style="font-style: italic;">Star Wave</font>, as described above. The New DNB
                $100,000 Facility will mature 5 years after the drawdown and will be secured by first priority mortgages on 13 vessels.</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="zecdc7603f3ef47109ca1316b5cffa1f4">

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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 31, 2025, the Company entered into three novation and amendment agreements with Hengli Shipbuilding (Singapore) Pte. Ltd. and Hengli Shipbuilding (Dalian) Co. Ltd. for the acquisition of three 82,000 dwt Kamsarmax newbuilding
                vessels that are currently under construction. The three vessels are scheduled to be delivered within the three-month period ending September 30, 2026.</div>
            </td>
          </tr>

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

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              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="text-align: left;">On November 18, 2025, pursuant to the Company's dividend policy, the Company's Board of Directors declared a quarterly cash dividend of $0.11 per share payable on or about December 18, 2025 to all shareholders
                  of record as of December 5, 2025.</div>
              </td>
            </tr>

        </table>
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        </div>
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              </td>
              <td style="width: 18pt; vertical-align: top;">f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>
                  <div style="text-align: left;">Subsequent to September 30, 2025, pursuant to the Share Repurchase Program, the Company repurchased 455,071 shares in open market transactions at an average price of $18.5 per share, for an aggregate
                    consideration of $8,417.</div>
                </div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
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      </div>
      <div><br>
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      <div><br>
      </div>
    </div>
  </div>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">F-29</font></div>
  <div style="width: 100%;" class="BRPFPageFooter"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99-2.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
  <head>
    <title></title>
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<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0);">
  <div style="text-align: right;"><font style="font-weight: bold; font-family: 'Times New Roman';">Exhibit 99.2</font></div>
  <font style="font-weight: bold; text-align: right; font-family: 'Times New Roman';"> </font>
  <div>
    <div>
      <div style="font-weight: bold; text-align: center;"> <img src="image00001.jpg"></div>
      <div style="font-weight: bold; text-align: center;"> </div>
      <div style="font-weight: bold; text-align: center;">STAR BULK CARRIERS CORP. REPORTS FINANCIAL RESULTS</div>
      <div style="font-weight: bold; text-align: center;">FOR THE THIRD QUARTER OF 2025,</div>
      <div style="font-weight: bold; text-align: center;">AND DECLARES QUARTERLY DIVIDEND OF $0.11 PER SHARE</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">ATHENS, GREECE, November 18, 2025</font> &#8211; Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk
        cargoes, today announced its unaudited financial and operating results for the third quarter of 2025.<font style="font-style: italic; color: rgb(0, 0, 0);">&#160;</font>Unless otherwise indicated or unless the context requires otherwise, all references
        in this press release to "we," "us," "our," or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Financial Highlights</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="1" border="0" id="ze947abaf8f43415bb8a6e5c9f5bd1d57" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Expressed in thousands of U.S. dollars,<br>
                (except for daily rates and per share data)</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle; text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2025</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle; text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2024</div>
            </td>
            <td style="width: 13.98%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2025</div>
            </td>
            <td style="width: 13.98%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Voyage Revenues</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$263,855</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$344,277</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$741,913</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$956,542</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Net income</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$18,519</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$81,272</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$19,020</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$262,208</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Adjusted Net income&#160; <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$32,415</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$82,703</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$37,856</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$244,999</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Net cash provided by operating activities</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$91,842</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$137,995</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$194,843</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$394,856</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$73,584</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$143,448</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$187,433</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$440,827</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$86,818</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$144,355</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$204,734</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$420,784</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Earnings per share basic</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.16</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.70</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$0.16</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$2.54</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Earnings per share diluted</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.16</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.69</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$0.16</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$2.48</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Adjusted earnings per share basic <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.29</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.71</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$0.33</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$2.37</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Adjusted earnings per share diluted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.28</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.71</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$0.33</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$2.32</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Dividend per share for the relevant period</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.11</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$0.60</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$0.21</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$2.05</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Average Number of Vessels</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">141.4</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">155.3</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">146.5</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">141.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">TCE Revenues <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$202,320</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$256,945</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$537,684</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$714,773</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Daily Time Charter Equivalent Rate ("TCE") <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$16,634</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$18,843</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$14,190</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$19,209</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Daily OPEX per vessel <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$5,209</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$5,287</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$5,091</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$5,225</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Daily OPEX per vessel (as adjusted) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$5,096</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$5,114</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$4,972</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$5,148</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.71%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">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 style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$1,325</div>
            </td>
            <td style="width: 13.16%; vertical-align: middle;">
              <div style="text-align: right;">$1,262</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$1,331</div>
            </td>
            <td style="width: 13.98%; vertical-align: middle;">
              <div style="text-align: right;">$1,291</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z60a15d6f3c1946b0956900011165d758" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 9.35pt;"><br>
            </td>
            <td style="width: 26.65pt; vertical-align: top; font-size: 8pt; font-style: italic;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-style: italic; text-align: justify;">Adjusted Net income, Adjusted 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="z59e445716861490da55f924ddcd539fe" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 9.35pt;"><br>
            </td>
            <td style="width: 26.65pt; vertical-align: top; font-size: 8pt; font-style: italic;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-style: italic; text-align: justify;">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="z930c6f4a640f49429451e0d2fbbdc604" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 9.35pt;"><br>
            </td>
            <td style="width: 26.65pt; vertical-align: top; font-size: 8pt; font-style: italic;">(3)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-style: italic;">Daily Time Charter Equivalent (&#8220;TCE&#8221;) Rate 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="z2bf5f0fae6c144acbee4bfd64c577c18" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 9.35pt;"><br>
            </td>
            <td style="width: 26.65pt; vertical-align: top; font-size: 8pt; font-style: italic;">(4)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-style: italic; text-align: justify;">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="zc111cc48f10b4960a92673f7d692240f" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 9.35pt;"><br>
            </td>
            <td style="width: 26.65pt; vertical-align: top; font-size: 8pt; font-style: italic;">(5)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-style: italic; text-align: justify;">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>
              <div style="font-size: 8pt; font-style: italic;"> <br>
              </div>
            </td>
          </tr>

      </table>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Petros Pappas, Chief Executive Officer of Star Bulk, commented:</div>
      <div><br>
      </div>
      <div style="font-style: italic; text-align: justify;">&#8220;Star Bulk reported Net Income of $18.5 million, EBITDA of $73.6 million and a TCE per vessel per day of $16,634 for the third quarter 2025.</div>
      <div><br>
      </div>
      <div style="font-style: italic; text-align: justify;">In October 2025, we agreed to acquire three Kamsarmax newbuilding resales under construction at a leading Chinese yard. The vessels were secured at attractive prices and deliveries scheduled for
        Q3 2026. These acquisitions form part of our ongoing strategy to renew and modernize our fleet on an opportunistic basis, enhancing both our overall efficiency and long-term earnings potential.</div>
      <div><br>
      </div>
      <div style="font-style: italic; text-align: justify;">In line with our capital allocation framework, we remain committed to returning capital to shareholders. We declared a dividend of $0.11 per share - our 19th consecutive dividend payment- bringing
        cumulative dividends since 2021 to $13.12/share. At the same time, we continue to execute on our share repurchase program, deploying approximately $82.1 million to acquire and retire ~ 5 million shares year to date. We still have $91.4 million
        outstanding under our latest share repurchase program.</div>
      <div><br>
      </div>
      <div style="font-style: italic; text-align: justify;">The dry bulk market has been impacted by geopolitical tensions, including the U.S. and Chinese port fee measures and the postponement of the decision on the IMO net Zero Framework. Despite these
        near-term uncertainties, we believe the medium-term fundamentals are robust. Renewal needs are increasing due to a rapidly aging fleet and fleet growth will remain restricted. Well-capitalized owners like Star Bulk are ideally placed to act and
        create lasting shareholder value should opportunities arise.&#8221;</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Recent Developments</u></div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Declaration of Dividend</div>
      <div><br>
      </div>
      <div style="text-align: justify;">On November 18, 2025, pursuant to our dividend policy, our Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on or about December 18, 2025 to all shareholders of record as of December
        5, 2025.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Share Repurchase Program &amp; Shares Outstanding Update</div>
      <div><br>
      </div>
      <div style="text-align: justify;">As previously announced, on August 6, 2025, our Board of Directors approved a new share repurchase program (the &#8220;New Share Repurchase Program&#8221;) authorizing up to an aggregate of $100.0 million in repurchases. In
        September and October 2025, we repurchased and cancelled 462,476 common shares in open market transactions at an average price of $18.47 per share for an aggregate consideration, including commissions, of $8.6 million pursuant to the New Share
        Repurchase Program.</div>
      <div><br>
      </div>
      <div>As of the date of this release, we have 113,847,448 shares outstanding and $91.4 million outstanding under our New Share Repurchase Program.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Fleet Update</div>
      <div><br>
      </div>
      <div><u>Vessels&#8217; S&amp;P</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">In connection with the previously announced vessel sales, the vessels <font style="font-style: italic;">Star Nighthawk, Star Danai and Star Goal</font> were delivered to their new owners in the third quarter of
        2025, while <font style="font-style: italic;">Star Runner</font> and <font style="font-style: italic;">Star Sandpiper </font>were delivered in October 2025.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Company collected approximately $25.0 million in&#160; vessel sale proceeds, net of address commissions, in October 2025 in connection with the aforementioned vessel deliveries.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">On October 31, 2025, we entered into three novation and amendment agreements with Hengli Shipbuilding (Singapore) Pte. Ltd. and Hengli Shipbuilding (Dalian) Co. Ltd. for the acquisition of three 82,000 dwt Kamsarmax
        newbuilding vessels, currently under construction. Delivery of these vessels is scheduled progressively within the third quarter of 2026.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Financing</div>
      <div style="text-align: justify;"><br>
      </div>
      <div style="text-align: justify;">During the third quarter of 2025, we made debt prepayments of approximately $47.8 million in connection with the refinancing of our $107.5 million term loan facility (the &#8220;DNB $107.5 million Facility&#8221;) with DNB Bank
        ASA (&#8220;DNB&#8221;), as further described below, as well as with the previously announced vessel sales. In October 2025, we made an additional prepayment of $6.9 million in connection with the vessel <font style="font-style: italic;">Star Wave</font> as
        described below.</div>
      <div style="text-align: justify;"><br>
      </div>
      <div style="text-align: justify;">In November 2025, we entered into a committed term sheet with DNB for a loan facility of up to $100.0 million (the &#8220;New DNB $100.0 million Facility&#8221;). The facility amount will be used to refinance the outstanding
        amount under the existing $100.0 million loan facility with DNB, as well as to replenish cash used to prepay the DNB $107.5 million Facility and the outstanding loan amount of the vessel <font style="font-style: italic;">Star Wave</font>. The New
        DNB $100.0 million Facility will mature 5 years after the drawdown and will be secured by first priority mortgages on 13 vessels.</div>
      <div><br>
      </div>
      <div>Upon the completion of the aforementioned refinancings, we will have 15 unencumbered vessels.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Vessel Employment Overview</u></div>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">Our TCE rate per day</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup><font style="font-weight: bold;"> per main vessel category was as follows:&#160; </font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z75355e6f6c2943e9bde6f80adf0c47c8" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

          <tr>
            <td nowrap="nowrap" style="width: 57%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 14.83%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2025</div>
            </td>
            <td style="width: 5.89%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2025</div>
            </td>
          </tr>
          <tr>
            <td style="width: 57%; vertical-align: middle;">&#160;</td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 14.83%; vertical-align: middle;">&#160;</td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 15.76%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 57%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Capesize / Newcastlemax Vessels:</div>
            </td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 14.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 24,646</div>
            </td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 15.76%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 22,314</div>
            </td>
          </tr>
          <tr>
            <td style="width: 57%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Post Panamax / Kamsarmax / Panamax Vessels:</div>
            </td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 14.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13,602</div>
            </td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 15.76%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,612</div>
            </td>
          </tr>
          <tr>
            <td style="width: 57%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Ultramax / Supramax Vessels:</div>
            </td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 14.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13,982</div>
            </td>
            <td style="width: 5.89%; vertical-align: middle;">&#160;</td>
            <td style="width: 15.76%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 12,180</div>
            </td>
          </tr>

      </table>
      <div style="clear: both;"><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: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-style: italic; text-align: justify;">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 114,247,725 and 117,086,980 weighted average diluted shares for the third quarter of 2025 and 2024, respectively.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Third Quarter 2025 and 2024 Results</u></div>
      <div style="text-align: justify;">For the third quarter of 2025, we had net income of $18.5 million, or $0.16 earnings per share, compared to net income for the third quarter of 2024 of $81.3 million, or $0.69 earnings per share. Adjusted net income,
        which excludes certain non-cash items, was $32.4 million, or $0.28 earnings per share, for the third quarter of 2025, compared to an adjusted net income of $82.7 million for the third quarter of 2024, or $0.71 earnings per share.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Net cash provided by operating activities for the third quarter of 2025 was $91.8 million, compared to $138.0 million for the third quarter of 2024. Adjusted EBITDA, which excludes certain non-cash items, was $86.8
        million for the third quarter of 2025, compared to $144.4 million for the third quarter of 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Voyage revenues for the third quarter of 2025 decreased to $263.9 million from $344.3 million in the third 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 $202.3 million for the third quarter of 2025, compared to $256.9 million for the third quarter of 2024, mainly driven by the decrease in the average number of vessels in our fleet to 141.4
        from 155.3 during the relevant periods and the decreased charter rates. TCE rate for the third quarter of 2025 was $16,634 compared to $18,843 for the third 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;">Charter-in hire expenses for the third quarter of 2025 increased to $15.4 million from $14.8 million in the third quarter of 2024. This increase is mainly attributable to the increase in charter-in days to 899 in the
        third quarter of 2025 from 870 in the corresponding period in 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Vessel operating expenses for the third quarters of 2025 and 2024 amounted to $67.8 million and $75.5 million, respectively. The decrease in our operating expenses was primarily driven by the decrease in the average
        number of vessels in our fleet. Daily operating expenses per vessel, excluding pre-delivery expenses due to change of management, amounted to $5,096 for the third quarter of 2025 compared to $5,114 for the corresponding period of 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Dry docking expenses for the third quarter of 2025 were $28.1 million, compared to $20.1 million for the corresponding period in 2024. A total of 14 vessels completed their scheduled periodic dry docking surveys
        during the third quarter of 2025, including two dry dockings that commenced in the second quarter of 2025, while a total of 14 vessels completed their scheduled periodic dry docking surveys during the third quarter of 2024, including five dry
        dockings that commenced in the second quarter of 2024. The higher expenses in the recent quarter primarily reflect the dry docking of larger vessels, which resulted in increased costs per vessel. In addition, the dry docking for nine of our vessels
        was in progress as of quarter end, further contributing to the overall increase.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <br>
      <br>
      <hr noshade="noshade" style="background-color: rgb(0, 0, 0); border: 0px none; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: rgb(0, 0, 0);">
      <div><sup style="font-family: Arial,sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;Please see the table at the end of this release for the calculation of the Daily TCE Rate and TCE Revenues and the reconciliation
        to Voyage Revenues.</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: 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="text-align: justify;">General and administrative expenses for the third quarters of 2025 and 2024 were $19.7 million and $21.6 million, respectively, which included share-based compensation of $7.3 million in the third quarter of 2025 and
        $7.6 million in the third quarter of 2024. Vessel management fees in the third quarter of 2025 increased to $5.9 million compared to $5.0 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 third quarter of 2025 amounted to $1,325 compared to $1,262 for the corresponding period of 2024. While the absolute amount of net cash
        general and administrative expenses, including management fees, decreased by $0.7 million as compared to the prior period ($18.4 million in the third quarter of 2025 versus $19.1 million in the third quarter of 2024), the increase in the daily
        figures was primarily attributable to a) the higher EUR/USD exchange rate prevailing during the recent quarter ($1.167 average EUR/USD rate in the third quarter of 2025 versus $1.097 average EUR/USD rate in the third quarter of 2024) and b) the
        fact that we had 14 fewer vessels on average during the third quarter of 2025 versus the third quarter of 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Depreciation expense decreased to $41.8 million for the third quarter of 2025 compared to $44.5 million for the corresponding period in 2024. The decrease is driven by the decrease in the average number of vessels in
        our fleet, as discussed above.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Our results for the third quarter of 2025 include a loss from sale of vessels of $5.3 million in connection with the completion of vessel sales and the delivery to their new owners during the quarter, as described
        above under the section &#8220;Fleet Update&#8221;. During the third quarter of 2024, we recognized an aggregate gain of $9.1 million resulting from the completion of vessel sales.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">A loss on write-down of inventories of $4.6 million was recognized during the third quarter of 2024 in connection with the valuation of the bunkers remaining on board our vessels as of quarter end. No such loss was
        incurred in the third quarter of 2025.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Interest and finance costs for the third quarters of 2025 and 2024 were $17.7 million and $24.4 million, respectively. The decrease was primarily driven by a reduction in loan interest expense resulting from the
        lower weighted average outstanding indebtedness and reduced weighted average interest rates during the respective periods, partially offset by the absence of interest income from hedged interest rate swaps, as we terminated our remaining swaps in
        early July 2025.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Interest income and other income/(loss) for the third quarters of 2025 and 2024 amounted to $4.3 million and $7.1 million, respectively. The decrease in interest income and other income/(loss) is primarily
        attributable to i) lower realized foreign exchange gain by $1.2 million during the recent quarter and ii) lower interest income earned during the third quarter of 2025 compared to the corresponding period in 2024.</div>
      <div><br>
      </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: 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;"><u>Unaudited Consolidated Income Statements</u></div>
      <div><br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z534492e7f215482ab1654972df273bd3" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data)</div>
            </td>
            <td style="width: 1%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2025</div>
            </td>
            <td style="width: 2%; vertical-align: middle; text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2024</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;</div>
            </td>
            <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2025</div>
            </td>
            <td style="width: 2.21%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2024</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Revenues:</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">Voyage revenues</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 263,855</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 344,277</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 741,913</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 956,542</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Total revenues</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">263,855</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">344,277</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">741,913</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">956,542</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Expenses:</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Voyage expenses</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(46,717)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(70,512)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(158,881)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(199,940)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Charter-in hire expenses</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(15,396)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(14,819)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(48,606)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(31,812)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Vessel operating expenses</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(67,760)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(75,536)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(203,657)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(202,235)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Dry docking expenses</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(28,059)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(20,103)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(73,762)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(42,472)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Depreciation</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(41,801)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(44,483)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(127,363)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(120,020)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Management fees</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(5,918)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(4,980)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(17,412)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(13,676)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">General and administrative expenses</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(19,743)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(21,617)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(53,240)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(51,792)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Gain/(Loss) on forward freight agreements and bunker swaps, net</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(129)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">77</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,206</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(4,239)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Other operational loss</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(2,174)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(491)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(3,764)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(1,392)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Other operational gain</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">923</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">2,668</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">14,650</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,410</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Gain/(Loss) on sale of vessels</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(5,255)</div>
            </td>
            <td style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">9,061</div>
            </td>
            <td style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(13,953)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">31,999</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Loss on write-down of inventory</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(4,602)</div>
            </td>
            <td style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(4,602)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Operating income</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">31,826</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">98,940</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">60,131</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">320,771</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-align: right;">(24,399)</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-align: right;">(70,511)</div>
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          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
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            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
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              <div style="color: rgb(0, 0, 0); text-align: right;">(356)</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-align: right;">751</div>
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-align: right;">(1,602)</div>
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            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Gain/(Loss) on debt extinguishment, net</div>
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            <td style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(219)</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-align: right;">(405)</div>
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-align: right;">(1,012)</div>
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
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              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">(13,264)</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">(17,693)</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">(41,050)</div>
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">(58,715)</div>
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            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
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            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
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            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 81,247</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 19,081</div>
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</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="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 262,056</div>
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          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Income tax (expense)/refund</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">116</div>
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">81,247</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">19,081</div>
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">262,172</div>
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          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Equity in income/(loss) of investee</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(43)</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">25</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(61)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">36</div>
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</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);">
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</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);">
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0.16</div>
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
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            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
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            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2.54</div>
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          <tr>
            <td nowrap="nowrap" style="width: 43%; vertical-align: middle;">
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            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 0.16</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 0.69</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0.16</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2.48</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Weighted average number of shares outstanding, basic</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">113,521,880</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">116,634,579</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">115,551,743</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">103,364,099</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Weighted average number of shares outstanding, diluted</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">114,247,725</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">117,086,980</div>
            </td>
            <td nowrap="nowrap" style="width: 2%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">115,908,321</div>
            </td>
            <td nowrap="nowrap" style="width: 2.21%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 13%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">105,545,672</div>
            </td>
          </tr>

      </table>
      <div><br>
      </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: 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;"><u>Unaudited Consolidated Condensed Balance Sheet Data</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zf811fae177f14ccb9a61874fc1f0b190" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: middle;" colspan="5">
              <div style="color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 100%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">ASSETS</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">September 30, 2025</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">December 31, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Cash and cash equivalents and restricted cash, current</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); margin-left: 9pt; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 452,539</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 436,284</div>
            </td>
          </tr>
          <tr>
            <td style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Other current assets (including investment in debt security of $1,008 and nil, respectively)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">185,887</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">222,689</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">TOTAL CURRENT ASSETS</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; 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: right;">638,426</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; 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: right;">658,973</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Advances for vessels under construction</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">34,314</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">27,526</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Vessels and other fixed assets, net</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">2,946,405</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">3,208,357</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Restricted cash, non-current</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,615</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,596</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Other non-current assets</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">166,318</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">186,926</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">TOTAL ASSETS</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; 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: right;">$&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; &#160; &#160; &#160;&#160; &#160; 3,790,078</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; 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: right;">$&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 4,086,378</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Current portion of long-term bank loans and lease financing</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">198,168</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">223,878</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Other current liabilities</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">171,971</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">175,934</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">TOTAL CURRENT LIABILITIES</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 370,139</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 399,812</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of $5,632 and $7,657, respectively)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">868,166</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">1,047,659</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Other non-current liabilities</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">136,357</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">157,132</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">TOTAL LIABILITIES</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 1,374,662</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; 1,604,603</div>
            </td>
          </tr>
          <tr>
            <td style="width: 58.39%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">SHAREHOLDERS' EQUITY</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">2,415,416</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">2,481,775</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 58.39%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.83%; vertical-align: middle; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 3,790,078</div>
            </td>
            <td nowrap="nowrap" style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 18.34%; vertical-align: middle; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160;&#160; &#160; &#160; &#160; &#160; 4,086,378</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: 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;"><u>Unaudited Consolidated Condensed Cash Flow Data</u></div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za0e76aa5c4b44b9bb80ad9a40731798a" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

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            <td nowrap="nowrap" style="width: 55.72%; vertical-align: bottom;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
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            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 19.3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;"> September 30, 2025</div>
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            <td style="width: 2.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">&#160;</div>
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            <td style="width: 19.26%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;"> September 30, 2024</div>
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          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;</div>
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            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle; text-align: right;">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 55.72%; vertical-align: middle;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Net cash provided by / (used in) operating activities</div>
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            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 194,843</div>
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            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$ &#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 394,856</div>
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          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Acquisition of other fixed assets</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(215)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(326)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Capital expenditures for acquisitions/vessel modifications/upgrades and advances for vessels under construction</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(25,602)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
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            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Cash proceeds from vessel sales</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">141,540</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;253,549</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Investment in debt security</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(914)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Cash received from Eagle Merger</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;104,325</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Hull and machinery insurance proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); text-align: right;">12,147</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,420</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 55.72%; vertical-align: middle;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Net cash provided by / (used in) investing activities</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">126,956</div>
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            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">313,594</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Proceeds from new debt</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">248,000</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;388,120</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Scheduled debt repayment</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(158,242)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(149,319)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Debt prepayment due to refinancing and vessel sales</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(296,984)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
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            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Prepayment of Eagle assumed debt</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(375,500)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Financing and debt extinguishment fees paid</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(1,003)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,695)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Offering expenses</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(85)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Repurchase of common shares</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(75,467)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 2.85%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 52.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Dividends paid</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(21,829)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(206,194)</div>
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          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 55.72%; vertical-align: middle;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Net cash provided by / (used in) financing activities</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
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            <td nowrap="nowrap" style="width: 19.3%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">(305,525)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.86%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 19.26%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">(497,663)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Summary of Selected Data</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zc3601ef6bb33449cbc351a934e259a7c" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 38.33%; vertical-align: middle; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2025</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; padding-bottom: 2px; text-align: right;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 13.18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2024</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;</div>
            </td>
            <td style="width: 13.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2025</div>
            </td>
            <td style="width: 2.82%; vertical-align: bottom; padding-bottom: 2px; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Average number of vessels (1)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">141.4</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">155.3</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">146.5</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">141.3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Number of vessels (2)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">139</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">154</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">139</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">154</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Average age of operational fleet (in years) (3)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">12.5</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">11.9</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">12.5</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">11.9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Ownership days (4)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,008</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">14,288</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">40,006</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">38,708</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Available days (5)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">12,163</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,636</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">37,893</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">37,210</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Charter-in days (6)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">899</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">870</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">2,928</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">1,793</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Daily Time Charter Equivalent Rate (7)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$16,634</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$18,843</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$14,190</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$19,209</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Daily OPEX per vessel (8)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$5,209</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$5,287</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$5,091</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$5,225</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Daily OPEX per vessel (as adjusted) (8)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$5,096</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$5,114</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$4,972</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$5,148</div>
            </td>
          </tr>
          <tr>
            <td style="width: 38.33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Daily Net Cash G&amp;A expenses per vessel (9)</div>
            </td>
            <td style="width: 13.17%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$1,325</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$1,262</div>
            </td>
            <td nowrap="nowrap" style="width: 2.82%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$1,331</div>
            </td>
            <td style="width: 2.82%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 13.42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$1,291</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-size: 8pt; font-style: italic; text-align: justify;">(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="font-size: 8pt; font-style: italic; text-align: justify;">(2) As of the last day of each period presented.</div>
      <div style="font-size: 8pt; font-style: italic; text-align: justify;">(3) Average age of our operational fleet is calculated as of the end of each period.</div>
      <div style="font-size: 8pt; font-style: italic; text-align: justify;">(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="font-size: 8pt; font-style: italic; text-align: justify;">(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="font-size: 8pt; font-style: italic; text-align: justify;">(6) Charter-in days are the total days that we charter-in third party vessels.</div>
      <div style="font-size: 8pt; font-style: italic; text-align: justify;">(7) Time charter equivalent (&#8220;TCE&#8221;) rate<font style="color: rgb(0, 0, 0);">&#160;</font>represents the weighted average daily TCE rates of our operating fleet (including owned fleet and
        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: rgb(0, 0, 0);">&#160;</font>Voyage expenses primarily consist of port, canal and fuel costs that are
        unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe
        that this method better reflects the chartering result of our fleet and is more comparable to the method used by 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'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 rate.</div>
      <div style="font-size: 8pt; font-style: italic; text-align: justify;">(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 third quarter of 2025 included pre-delivery expenses due to
        change of management of $1.5 million, compared to $2.5 million of pre-delivery expenses incurred in the third quarter of 2024 due to change of management and acquisition of the Eagle fleet. Vessel operating expenses for the nine-month period ended
        September 30, 2025 included pre-delivery expenses due to change of management of $4.7 million, compared to $3.0 million of pre-delivery expenses incurred in the nine-month period ended September 30, 2024 due to change of management and acquisition
        of the Eagle fleet.</div>
      <div style="font-size: 8pt; font-style: italic; text-align: justify;">(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 class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; 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;"><u>EXHIBIT I: Non-GAAP Financial Measures</u></div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>EBITDA and Adjusted EBITDA Reconciliation</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position, and we believe that it presents useful information to
        investors regarding our ability to service and/or incur indebtedness.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels, 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;">EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or Net income, as determined by United States generally accepted accounting principles,
        or U.S. GAAP. Our method of computing EBITDA and Adjusted EBITDA may not necessarily be comparable to other similarly titled captions of other companies.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The following table reconciles Net cash provided by/(used in) operating activities to EBITDA and Adjusted EBITDA:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z48d51b19bdbe4c629fa605cda5eb60c9" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars)</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.83%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2025</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Third quarter 2024</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2025</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Net cash provided by/(used in) operating activities</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 91,842</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 137,995</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 194,843</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 394,856</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Net decrease/(increase) &#160;in operating assets</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(4,672)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(2,674)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(22,864)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(18,432)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Net increase/(decrease) in operating &#160;liabilities, excluding operating lease liability and including other non-cash charges</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(12,145)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(7,503)</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0); text-align: right;">(786)</div>
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              <div style="color: rgb(0, 0, 0); text-align: right;">(2,664)</div>
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          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div>Unrealized gain/(loss) on forward freight agreements and bunker swaps, net</div>
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            <td style="width: 2.62%; vertical-align: middle;">&#160;</td>
            <td style="width: 2.62%; vertical-align: middle;">&#160;</td>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-align: right;">2,078</div>
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          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div>Unrealized gain/(loss) on interest rate swaps, net</div>
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            <td style="width: 2.62%; vertical-align: middle;">&#160;</td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(487)</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(524)</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(441)</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(1,880)</div>
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Total other expenses, net</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.84%; vertical-align: middle;">
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            <td style="width: 12.84%; vertical-align: middle;">
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            <td style="width: 12.78%; vertical-align: middle;">
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Write-off of accruals and current liabilities</div>
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            <td style="width: 2.62%; vertical-align: middle;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">9,266</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Income tax expense/(refund)</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(116)</div>
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Gain/(Loss) on sale of vessels</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(5,255)</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">9,061</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(13,953)</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">31,999</div>
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Gain from Hull &amp; Machinery claim</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0); text-align: right;">42</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">428</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">219</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">898</div>
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Loss on write-down of inventory</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(4,602)</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(4,602)</div>
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          </tr>
          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Equity in income/(loss) of investee</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(43)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">25</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(61)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">36</div>
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          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">EBITDA</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td nowrap="nowrap" style="width: 12.83%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.84%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 143,448</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.84%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 187,433</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.78%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 440,827</div>
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          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 12.83%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Equity in (income)/loss of investee</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">43</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(25)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">61</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(36)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div>Unrealized (gain)/loss on forward freight agreements and bunker swaps, net</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">707</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(2,078)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(948)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(5,778)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">(Gain)/Loss on sale of vessels</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">5,255</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(9,061)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,953</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Loss on write-down of inventory</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,602</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,602</div>
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Write-off of accruals and current liabilities</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(9,266)</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Share-based compensation</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">7,250</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">7,554</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,681</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,271</div>
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            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Other non-cash charges</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 12.83%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(21)</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(85)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(180)</div>
            </td>
            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.78%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(103)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.79%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Adjusted EBITDA</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td nowrap="nowrap" style="width: 12.83%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 86,818</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 144,355</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.84%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 204,734</div>
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            <td style="width: 2.22%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.78%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 420,784</div>
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      </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: 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><br>
      </div>
      <div style="font-weight: bold;"><u>Net Income and Adjusted Net Income Reconciliation and Calculation of Adjusted Earnings Per Share</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">To derive Adjusted Net income and Adjusted earnings per share from Net income, we exclude non-cash items, as provided in the table below. We believe that Adjusted Net income and Adjusted earnings per share assist our
        management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of 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, if any, which may vary from period to period for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides
        investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net income and Adjusted
        earnings per share may not necessarily be comparable to other similarly titled captions of other companies. 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> <br>
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      <table cellspacing="0" cellpadding="0" id="z4e7f22b62cfb467f92b57b8d9b59a50f" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

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            <td style="width: 35.63%; vertical-align: bottom;" rowspan="2">
              <div style="color: rgb(0, 0, 0); font-style: italic;">(Expressed in thousands of U.S. dollars except for share and per share data)</div>
            </td>
            <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.72%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 3.38%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.72%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 3.38%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.72%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 3.38%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.68%; vertical-align: bottom;">&#160;</td>
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          <tr>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Third quarter 2025</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Third quarter 2024</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2025</div>
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            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div style="font-weight: bold;">Net income</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 18,519</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 81,272</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 19,020</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 262,208</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Share &#8211; based compensation</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">7,250</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">7,554</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,681</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,271</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Other non-cash charges</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(21)</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(85)</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(180)</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(103)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Unrealized (gain)/loss on forward freight agreements and bunker swaps, net</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">707</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(2,078)</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(948)</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(5,778)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Unrealized (gain)/loss on interest rate swaps, net</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">487</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">524</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">441</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">1,880</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Gain/(Loss) on sale of vessels</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">5,255</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(9,061)</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,953</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(31,999)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Write-off of accruals and current liabilities</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(9,266)</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Loss on write-down of inventory</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,602</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
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            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,602</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>(Gain)/Loss on debt extinguishment, net (non-cash)</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">175</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">-</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">1,094</div>
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            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">954</div>
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          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Equity in (income)/loss of investee</div>
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            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">43</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(25)</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">61</div>
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            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(36)</div>
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          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div style="font-weight: bold;">Adjusted Net income</div>
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            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.72%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 32,415</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.72%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 82,703</div>
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            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.72%; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 37,856</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 12.68%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 244,999</div>
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          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Weighted average number of shares outstanding, basic</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">113,521,880</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">116,634,579</div>
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            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">115,551,743</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">103,364,099</div>
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          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div>Weighted average number of shares outstanding, diluted</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">114,247,725</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">117,086,980</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">115,908,321</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">105,545,672</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div style="font-weight: bold;">Adjusted earnings per share basic</div>
            </td>
            <td style="width: 3.37%; vertical-align: middle;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 0.29</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 0.71</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 0.33</div>
            </td>
            <td style="width: 3.38%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 2.37</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35.63%; vertical-align: middle;">
              <div style="font-weight: bold;">Adjusted earnings per share diluted</div>
            </td>
            <td nowrap="nowrap" style="width: 3.37%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 0.28</div>
            </td>
            <td nowrap="nowrap" style="width: 3.38%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 0.71</div>
            </td>
            <td nowrap="nowrap" style="width: 3.38%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 12.72%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 0.33</div>
            </td>
            <td nowrap="nowrap" style="width: 3.38%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 12.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 2.32</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </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: 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><br>
      </div>
      <div style="font-weight: bold;"><u>Voyage Revenues to Daily Time Charter Equivalent (&#8220;TCE&#8221;) Reconciliation</u></div>
      <div><br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zfc9d86151d3d40a99c217638155dd004" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

          <tr>
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 14.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Third quarter 2025</div>
            </td>
            <td style="width: 2.62%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">&#160;</div>
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            <td style="width: 14.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Third quarter 2024</div>
            </td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;</div>
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            <td style="width: 14.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">&#160;</div>
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            <td style="width: 14.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Voyage revenues</div>
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            <td style="width: 2.62%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 263,855</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 344,277</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 741,913</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 956,542</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-style: italic;">Less:</div>
            </td>
            <td style="width: 2.62%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.68%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Voyage expenses</div>
            </td>
            <td style="width: 2.62%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(46,717)</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(70,512)</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(158,881)</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(199,940)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Charter-in hire expenses</div>
            </td>
            <td style="width: 2.62%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(15,396)</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(14,819)</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(48,606)</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(31,812)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Realized gain/(loss) on FFAs/bunker swaps, net</div>
            </td>
            <td style="width: 2.62%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">578</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(2,001)</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">3,258</div>
            </td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(10,017)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Time Charter equivalent revenues</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 202,320</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 256,945</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; 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: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 537,684</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 714,773</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">&#160;</td>
            <td style="width: 2.62%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 14.68%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.62%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.62%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.68%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Available days</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">12,163</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,636</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">37,893</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">37,210</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.77%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Daily Time Charter Equivalent Rate ("TCE")</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; 16,634</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: top; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; 18,843</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; 14,190</div>
            </td>
            <td nowrap="nowrap" style="width: 2.62%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; 19,209</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Daily Net Cash G&amp;A expenses per vessel Reconciliation</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zece1da73aa694fb2af6ed46ae165fb3a" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);">

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            <td style="width: 30.05%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); font-style: italic;">(In thousands of U.S. Dollars, except for daily rates)</div>
            </td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Third quarter 2025</div>
            </td>
            <td style="width: 2.72%; vertical-align: bottom;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0); text-align: right;">&#160;</div>
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            <td style="width: 14.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Third quarter 2024</div>
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            <td style="width: 2.72%; vertical-align: bottom;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0); text-align: right;">&#160;</div>
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            <td style="width: 15.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2025</div>
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            <td style="width: 2.72%; vertical-align: bottom;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0); text-align: right;">&#160;</div>
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            <td style="width: 14.48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">Nine months ended September 30, 2024</div>
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          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">General and administrative expenses</div>
            </td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 14.4%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 19,743</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.4%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; 21,617</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 15.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; 53,240</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.48%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; 51,792</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-style: italic;">Plus:</div>
            </td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.4%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.4%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 15.3%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.48%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Management fees</div>
            </td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.4%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">5,918</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.4%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">4,980</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 15.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">17,412</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.48%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,676</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-style: italic;">Less:</div>
            </td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.4%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.4%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 15.3%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.48%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Share &#8211; based compensation</div>
            </td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.4%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(7,250)</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.4%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(7,554)</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 15.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(13,681)</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.48%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">(13,271)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Other non-cash charges</div>
            </td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 14.4%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">21</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.4%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">85</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 15.3%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">180</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.48%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: right;">103</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Net Cash G&amp;A expenses</div>
            </td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="text-indent: 20pt; color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.4%; vertical-align: bottom; 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: right;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 18,432</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.4%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; 19,128</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.3%; vertical-align: bottom; 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: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; 57,151</div>
            </td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.48%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; 52,300</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">&#160;</td>
            <td style="width: 3.2%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 14.4%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.4%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 15.3%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 2.72%; vertical-align: middle; text-align: right;">&#160;</td>
            <td style="width: 14.48%; vertical-align: middle; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Ownership days</div>
            </td>
            <td nowrap="nowrap" style="width: 3.2%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.4%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">13,008</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.4%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">14,288</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.3%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">40,006</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.48%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">38,708</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Charter-in days</div>
            </td>
            <td nowrap="nowrap" style="width: 3.2%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.4%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">899</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.4%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">870</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.3%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">2,928</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.48%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); text-align: right;">1,793</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.05%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Daily Net Cash G&amp;A expenses per vessel</div>
            </td>
            <td nowrap="nowrap" style="width: 3.2%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 14.4%; vertical-align: bottom; 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: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; 1,325</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.4%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; 1,262</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 15.3%; vertical-align: bottom; 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: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; 1,331</div>
            </td>
            <td nowrap="nowrap" style="width: 2.72%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td nowrap="nowrap" style="width: 14.48%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: right;">$&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; 1,291</div>
            </td>
          </tr>

      </table>
      <div><br>
      </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: 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;">Conference Call details:</div>
      <div style="text-align: justify;">Our management team will host a conference call to discuss our financial results on Wednesday, November 19, 2025, at 11:00 a.m. Eastern Time (ET).</div>
      <div><br>
      </div>
      <div style="text-align: justify;">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 13756808. Click here for additional participant International Toll-Free access numbers.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">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="font-weight: bold;">Slides and audio webcast:</div>
      <div style="text-align: justify;">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="font-weight: bold;">About Star Bulk</div>
      <div style="text-align: justify;">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 the eight firm Kamsarmax vessels currently under construction, we own a fleet of 145 vessels, with an
        aggregate capacity of 14.4 million dwt consisting of 17 Newcastlemax, 15 Capesize, 1 Mini Capesize, 7 Post Panamax, 45 Kamsarmax, 1 Panamax, 48 Ultramax and 11 Supramax vessels with carrying capacities between 55,569 dwt and 209,537 dwt.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">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="font-weight: bold;">Forward-Looking Statements</div>
      <div style="text-align: justify;">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;">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;">The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by our management of
        historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant
        uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">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: rgb(0, 0, 0);">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,&#160;crewing
        and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; the impact of current and potential additional trade tariffs on global trade and demand for dry bulk shipping; the risk that trade
        disputes between U.S. and Chinese officials could result in the reimplementation of significant port fees that may impact our fleet; 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 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: 0px; height: 2px; color: rgb(191, 191, 191); background-color: rgb(191, 191, 191); clear: both;"></div>
      </div>
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      </div>
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      </div>
      <div style="font-weight: bold;">Contacts</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="1" border="0" id="za0b8dffb30c8478ca24696c58e921250" style="border-collapse: collapse; width: 70%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">

            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; font-family: Arial;">Company:</div>
              </td>
              <td style="width: 55%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-weight: bold; font-family: Arial;">Investor Relations / Financial Media:</div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">Simos Spyrou, Christos Begleris</div>
              </td>
              <td style="width: 55%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">Nicolas Bornozis</div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">Co &#8208; Chief Financial Officers</div>
              </td>
              <td style="width: 55%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">President</div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">Star Bulk Carriers Corp.</div>
              </td>
              <td style="width: 55%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">Capital Link, Inc.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">c/o Star Bulk Management Inc.</div>
              </td>
              <td style="width: 55%; 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: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">40 Ag. Konstantinou Av.</div>
              </td>
              <td style="width: 55%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">New York, NY 10169</div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">Maroussi 15124</div>
              </td>
              <td style="width: 55%; 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: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">Athens, Greece</div>
              </td>
              <td style="width: 55%; 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: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;">Email: <u>info@starbulk.com</u></div>
              </td>
              <td style="width: 55%; 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: 45%; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-family: Arial;"><u>www.starbulk.com</u></div>
              </td>
              <td style="width: 55%; vertical-align: top; font-family: Arial;">&#160;</td>
            </tr>

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