<SEC-DOCUMENT>0000950157-19-000583.txt : 20190513
<SEC-HEADER>0000950157-19-000583.hdr.sgml : 20190513
<ACCEPTANCE-DATETIME>20190513061152
ACCESSION NUMBER:		0000950157-19-000583
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190508
FILED AS OF DATE:		20190513
DATE AS OF CHANGE:		20190513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DHT Holdings, Inc.
		CENTRAL INDEX KEY:			0001331284
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32640
		FILM NUMBER:		19816829

	BUSINESS ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11
		BUSINESS PHONE:		1 441 299-4912

	MAIL ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DHT Maritime, Inc.
		DATE OF NAME CHANGE:	20080627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Double Hull Tankers, Inc.
		DATE OF NAME CHANGE:	20050624
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>REPORT OF FOREIGN ISSUER
<TEXT>
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    <div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C. 20549</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>
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    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Form&#160;6-K</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Report of Foreign Private Issuer</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Pursuant to Rule 13a-16 or 15d-16 under</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">the Securities Exchange Act of 1934</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">For the month of May 2019</div>
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      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Commission File Number 001-32640</div>
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    <div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">DHT HOLDINGS, INC.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Exact name of Registrant as specified in its charter)</div>
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      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Clarendon House</div>
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      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Bermuda</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Address of principal executive offices)</div>
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      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">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="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Form&#160;20-F <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#9745;</font> &#160;&#160;Form&#160;40-F <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#9744;</font></div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&#160;_____</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY:
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      <div style="text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Press Releases</u></font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The press release issued by DHT Holdings, Inc. (the <font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">&#8220;</font>Company<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">&#8221;</font>) on May 8, 2019 related to its results for the first quarter of 2019 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Incorporation by Reference</u></font></font></div>
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      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: 'Times New Roman';">Exhibit 99.1 to this Report on Form 6-K shall be incorporated by reference into the Company<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">&#8217;</font>s registration statements on Form F-3 (file Nos. 333-199697 and 333-219069), initially filed with the Securities and Exchange Commission on October 30, 2014 and
          June 30, 2017, respectively, as amended, in each case to the extent not superseded by information subsequently filed or furnished (to the extent the Company expressly states that it incorporates 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.</font>&#160;
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURES</div>
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      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
        duly authorized.</div>
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            <td rowspan="1" style="width: 3%; padding-bottom: 2px;" valign="top">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">DHT Holdings, Inc.</div>
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                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Date: May 13, 2019</div>
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              <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left">By: </div>
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              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">/s/ Laila C. Halvorsen</div>
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            <td style="width: 4%;" align="left" valign="bottom">Name:</td>
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              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Laila C. Halvorsen</div>
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            <td style="width: 12%;" valign="top">&#160;</td>
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            <td style="width: 4%;" valign="top">Title:</td>
            <td style="width: 31%;" valign="top">Chief Financial Officer</td>
            <td style="width: 12%;" valign="top">&#160;</td>
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            <td style="width: 3%;" valign="top">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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  <div style="text-align: right; font-family: &quot;Times New Roman&quot;;"><font style="font-weight: bold;">Exhibit 99.1</font></div>
  <br>
  <div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
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    <div style="text-align: center; font-family: Arial; font-size: 14pt; font-weight: bold;">DHT Holdings, Inc. First Quarter 2019 Results</div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; margin-right: 24.6pt; font-family: Arial;"><font style="font-size: 10pt;"> <br>
      </font></div>
    <div style="text-align: left; margin-right: 24.6pt; font-family: Arial;"><font style="font-size: 10pt;">HAMILTON, BERMUDA, May 8, 2019 &#8211; DHT Holdings, Inc. (NYSE:DHT) (&#8220;DHT&#8221; or the &#8220;Company&#8221;) today announced:</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">FINANCIAL AND OPERATIONAL HIGHLIGHTS:</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"> <br>
      </font></div>
  </div>
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      <div style="font-family: Arial;">
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">

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                <td style="width: 24.01%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 0px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219); font-weight: bold; color: rgb(0, 0, 0);
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                  <div style="text-align: left;">USD mill. (except per share)</div>
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                <td style="background-color: #DBDBDB; border-bottom: 2px #000000; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #35988A; vertical-align: middle; width: 11%; color: #000000; font-family: Arial;
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                  <div style="text-align: right;">&#160;Q1 2019</div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-width: 2px 2px 2px 0px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0); background-color: rgb(219, 219, 219); color: rgb(0, 0, 0); font-family:
                  Arial; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: bold;">
                  <div style="text-align: right;">&#160;Q4 2018</div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(219, 219, 219); color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; text-transform: none; font-weight: bold;">
                  <div style="text-align: right;">&#160;Q3 2018</div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(219, 219, 219); color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; text-transform: none; font-weight: bold;">
                  <div style="text-align: right;">&#160;Q2 2018</div>
                </td>
                <td style="width: 11%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(219, 219, 219); color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; text-transform: none; font-weight: bold;">
                  <div style="text-align: right;">&#160;Q1 2018</div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(219, 219, 219); color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; text-transform: none; font-weight: bold;">
                  <div style="text-align: right;">&#160;2018</div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(219, 219, 219); color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; text-transform: none; font-weight: bold;">
                  <div style="text-align: right;">&#160;2017</div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 0px; border-top: 2px solid #000000; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; font-weight: normal; text-transform: none;">
                  <div style="text-align: left;">Adjusted Net Revenue<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
                </td>
                <td style="border-bottom: 0px; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">85.8</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px #000000; border-top: 2px #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">85.2</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">48.2</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">34.4</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">46.2</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">214.8</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">241.8</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 0px; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight:
                  normal; text-transform: none;">
                  <div style="text-align: left;">Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
                </td>
                <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">64.2</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">61.3</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">25.1</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">12.7</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">24.0</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">123.2</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">152.1</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 0px; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight:
                  normal; text-transform: none;">
                  <div style="text-align: left;">Net Income/(Loss)</div>
                </td>
                <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">17.7</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">12.0</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">(21.5)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="color: #000000;"> 3</font></sup></font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">(28.2)</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">(9.2)</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(46.9)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">6.6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 0px; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight:
                  normal; text-transform: none;">
                  <div style="text-align: left;">EPS &#8211; basic</div>
                </td>
                <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">0.12</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.08</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">(0.15)</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">(0.20)</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(0.06)</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(0.33)</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.05</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 2px #000000; border-left: 2px solid #000000; border-right: 0px; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; font-weight: normal; text-transform: none;">
                  <div style="text-align: left;">EPS &#8211; diluted<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>
                </td>
                <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">0.12</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.08</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">(0.15)</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">(0.20)</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(0.06)</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(0.33)</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.05</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 0px; border-left: 2px solid #000000; border-right: 0px none; border-top: 2px solid #000000; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt;
                  font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">
                  <div style="text-align: left;">Interest Bearing Debt</div>
                </td>
                <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">918.9</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">967.3</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">935.1</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">856.0</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">764.4</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">967.3</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">786.2</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 0px; border-left: 2px solid #000000; border-right: 0px; border-top: 0px; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; font-weight: normal; text-transform: none;">
                  <div style="text-align: left;">Cash</div>
                </td>
                <td style="border-bottom: 0px; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 0px; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">69.3</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">94.9</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">86.6</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">76.9</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">69.8</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">94.9</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">77.3</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 0px; border-top: 0px; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt;
                  font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">
                  <div style="text-align: left;">Dividend<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></div>
                </td>
                <td style="border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 0px; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">0.08</font></div>
                </td>
                <td style="border-bottom: 2px solid #000000; border-left: 0px; border-right: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.05</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.02</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.02</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.02</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.11</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.14</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 0px; border-left: 2px solid #000000; border-right: 0px; border-top: 2px solid #000000; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt;
                  font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">
                  <div style="text-align: left;">Spot Exposure<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup></div>
                </td>
                <td style="border-bottom: 0px; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">83.5%</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">78.8%</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">72.0%</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">70.4%</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">70.7%</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">73.2%</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">66.4%</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 0px; border-left: 2px solid #000000; border-right: 0px; border-top: 0px; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt; font-style: normal;
                  font-variant: normal; font-weight: normal; text-transform: none;">
                  <div style="text-align: left;">Unscheduled off hire<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup></div>
                </td>
                <td style="border-bottom: 0px; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 0px; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">0.5%</font></div>
                </td>
                <td style="border-left: 0px; border-right: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.1%</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.1%</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.0%</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.1%</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.1%</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.2%</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 0px; border-top: 0px; vertical-align: middle; width: 24.01%; color: #000000; font-family: Arial; font-size: 10pt;
                  font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">
                  <div style="text-align: left;">Scheduled off hire<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup></div>
                </td>
                <td style="border-bottom: 2px solid #35988A; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 0px; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold;">0.0%</font></div>
                </td>
                <td style="border-bottom: 2px solid #000000; border-left: 0px; border-right: 2px solid #000000; vertical-align: middle; width: 11%; font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">3.0%</font></div>
                </td>
                <td style="width: 10.44%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.0%</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt;">0.0%</font></div>
                </td>
                <td style="width: 11%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.7%</font></div>
                </td>
                <td style="width: 11%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">1.0%</font></div>
                </td>
                <td style="width: 10.56%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
                  <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">2.0%</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">&#160;</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">QUARTERLY HIGHLIGHTS:</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf8822e535a8b48c4b6e8fa3c178ee053" cellpadding="0" cellspacing="0">

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              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">Adjusted EBITDA for the quarter of $64.2 million. Net income for the quarter of $17.7 million or $0.12 per basic share. Adjusted for a non-cash change in fair value related to interest rate derivatives of
                    $4.4 million, net income would be $22.1 million, equivalent to $0.16 per basic share.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9edc59a668dd47b2b2bb95ba3c4fd7e0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The Company&#8217;s VLCCs achieved time charter equivalent earnings of $35,500 per day in the first quarter of 2019 of which the Company&#8217;s VLCCs on
                      time-charter earned $33,900 per day and the Company&#8217;s VLCCs operating in the spot market achieved $35,800 per day.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3f35a73cf884ed3b9bee2573dbf39c3" cellpadding="0" cellspacing="0">

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              <td style="font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">Thus far in the second quarter of 2019, 61% of the available VLCC spot days have been booked at an average rate of $29,800 per day.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0765d628b27c4811880727045ab5e702" cellpadding="0" cellspacing="0">

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              <td style="font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">In March 2019, the Company prepaid $35 million under the Nordea Credit Facility. The prepayment was made under the revolving credit facility tranche and may be re-borrowed.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5a489f1724644adb907916f088f89e10" cellpadding="0" cellspacing="0">

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              <td style="font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">For the first quarter of 2019, the Company will return $14.6 million to shareholders equal to 66% of net income adjusted for a non-cash change in fair value related to interest rate derivatives of $4.4
                    million. The return of capital is comprised of $3.2 million in the form of share buyback (725,298 shares at an average price of $4.47 per share) and $11.4 million in the form of a cash dividend. The cash dividend of $0.08 per share is
                    payable on May 28, 2019 to shareholders of record as of May 21, 2019.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
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    </div>
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    <div style="text-align: left;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdaf72f1a90ad44daa76427d55cb4e3f5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: left; font-family: Arial;">
                <div><font style="font-size: 10pt;">As of May 8, 2019 DHT has a fleet of 27 VLCCs. The total dwt of the fleet is 8,360,850. For more details on the fleet, please refer to our web site:&#160;</font><font style="font-size: 10pt; font-family:
                    Arial; color: rgb(0, 0, 255);"><u>http://dhtankers.com/index.php?name=About_DHT%2FFleet.html.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; margin-right: 4.25pt; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt;"><u>Footnotes:</u></font></font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>Shipping Revenues net of voyage expenses.</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Shipping Revenues net of voyage expenses,
        vessel operating expenses and general and administrative expenses.</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>Q3 2018 includes a non-cash impairment charge
        of $3.5 million related to the sale of DHT Cathy and DHT Sophie, 2018 includes impairment charge of $3.5 million related to the sale of DHT Cathy and DHT Sophie and 2017 includes impairment charges of $8.5 million and net loss of $3.5 million
        related to sale of vessels.</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>Diluted shares include the dilutive effect of
        the convertible senior notes and restricted shares granted to management and members of the board of directors.</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup>Per common share.</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>As % of total operating days in period.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; margin-right: 4.25pt; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>FIRST QUARTER 2019 FINANCIALS</u></font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Shipping revenues for the first quarter of 2019 of $132.3 million compared to shipping revenues of $79.9 million in
          the first quarter of 2018.</font>&#160;<font style="font-size: 10pt; color: rgb(0, 0, 0);">The change from the 2018 period to the 2019 period was due to higher tanker rates in addition to an increase in the fleet.</font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Voyage expenses for the first quarter of 2019 were $46.5 million, compared to voyage expenses of $33.7 million in
          the first quarter of 2018.&#160;The increase was mainly due to higher bunker cost in the 2019 period, an increase in the fleet and</font>&#160;<font style="font-size: 10pt; color: rgb(0, 0, 0);">more vessels operating in the spot market.</font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The Company&#8217;s VLCCs achieved time charter equivalent earnings for the vessels operating in the spot market of $35,800 per day in the first quarter
        of 2019.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Vessel operating expenses for the first quarter of 2019 were $17.9 million, compared to $17.2 million in the first quarter of 2018.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Depreciation and amortization, including depreciation of capitalized survey expenses, was $27.6 million for the first quarter of 2019, compared to
        $23.7 million in the first quarter of 2018.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">General &amp; administrative expense (&#8220;G&amp;A&#8221;) for the first quarter of 2019 was $3.7 million, consisting of $3.4 million cash and $0.3 million
        non-cash charges, compared to $5.0 million in the first quarter of 2018, consisting of $3.8 million cash and $1.2 million non-cash charges. Non-cash G&amp;A includes accrual for social security tax.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Net financial expenses for the first quarter of 2019 were $18.9 million compared to $9.5 million in the first
          quarter of 2018. The increase was due to increased borrowings in connection with an increase in the fleet and higher LIBOR in addition to a non-cash finance expense of $4.4 million </font>related to interest rate derivatives.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The Company had net income in the first quarter of 2019 of $17.7 million, or $0.12 per basic share and $0.12 per diluted share, compared to net
        loss in the first quarter of 2018 of $9.2 million, or loss of $0.06 per basic share and $0.06 per diluted share.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Net cash provided by operating activities for the first quarter of 2019 was $36.7 million compared to net cash
          provided by operating activities of $17.4 million for the first </font>quarter of 2018<font style="font-size: 10pt; color: rgb(0, 0, 0);">. The increase is mainly due to net income of $17.7 million in the first quarter 2019 compared to net loss
          of $9.2 million in the first quarter 2018.</font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Net cash used in investing activities was $1.5 million in the first quarter of 2019 related to investment in vessels. Net cash provided by
        investing activities was $1.5 million in the first quarter of 2018 comprising $20.7 million related to sale of vessel offset by $17.5 million related to investment in vessels under construction and $1.7 million related to vessel undergoing special
        survey and drydocking.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Net cash used in financing activities for the first quarter of 2019 was $60.8 million comprising $35.0 million related to prepayment of long-term
        debt, $15.4 million related to scheduled repayment of long-term debt, $3.2 million related to repurchase of shares and $7.1 million related to cash dividend paid. Net cash used in financing activities for the first quarter of 2018 was $26.4 million
        comprising $14.8 million related to scheduled repayment of long-term debt, $8.7 million related to repayment of long term debt in connection with sale of vessels and $2.9 million related to cash dividend paid.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">As of March 31, 2019, our cash balance was $69.3 million, compared to $94.9 million as of December 31, 2018.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">We declared a cash dividend of $0.08 per common share for the first quarter of 2019 </font>payable on May 28, 2019
        for shareholders of record as of May 21, 2019.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">We monitor our covenant compliance on an ongoing basis. As of the date of our most recent compliance certificates submitted for the first quarter
        of 2019, we are in compliance with our financial covenants.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">As of March 31</font><font style="font-size: 10pt; color: rgb(0, 0, 0);">, 2019</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">, we had </font>142,000,000 <font style="background-color: rgb(255, 255, 255); font-size: 10pt;">shares of our common stock outstanding compared to </font>142,700,046<font style="background-color: rgb(255, 255, 255); font-size: 10pt;"> as of December 31</font><font style="font-size: 10pt; color: rgb(0, 0, 0);">, 2018.</font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"><font style="font-size: 10pt;"><u>RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</u></font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;">
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z4d868069d4e5435eb37c3e46f6171207" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="background-color: #244062; border-left: 2px solid; border-right: 2px solid #35988A; border-top: 2px solid; vertical-align: top; width: 37.1%; padding: 0px 0px 0px 2px;">
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic; color: #000000;">Reconciliation of Adjusted EBITDA</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Net income/(loss) after tax</font></div>
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            <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,850</font></div>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(92)</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Fair value (gain)/loss on derivative financial instruments</font></div>
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            </td>
            <td style="border-left: 2px solid #35988A; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,222</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(486)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(187)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(359)</font></div>
            </td>
            <td style="vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,191</font></div>
            </td>
            <td style="border-right: 2px solid; vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;(2,154)</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 2px solid; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Interest expense</font></div>
            </td>
            <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;14,548</font></div>
            </td>
            <td style="border-left: 2px solid #35988A; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;14,784</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;13,300</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;15,883</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;10,244</font></div>
            </td>
            <td style="vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;54,211</font></div>
            </td>
            <td style="border-right: 2px solid; vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;40,109</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 2px solid; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Interest income</font></div>
            </td>
            <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(163)</font></div>
            </td>
            <td style="border-left: 2px solid #35988A; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(120)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(73)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(80)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(71)</font></div>
            </td>
            <td style="vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(345)</font></div>
            </td>
            <td style="border-right: 2px solid; vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(140)</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 2px solid; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Share of profit from associated companies</font></div>
            </td>
            <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(265)</font></div>
            </td>
            <td style="border-left: 2px solid #35988A; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(217)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(189)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(194)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(258)</font></div>
            </td>
            <td style="vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(858)</font></div>
            </td>
            <td style="border-right: 2px solid; vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(802)</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 2px solid; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(Profit)/loss, sale of vessel</font></div>
            </td>
            <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
            </td>
            <td style="border-left: 2px solid #35988A; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(122)</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46</font></div>
            </td>
            <td style="vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(75)</font></div>
            </td>
            <td style="border-right: 2px solid; vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,540</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 2px solid; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Impairment charges</font></div>
            </td>
            <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
            </td>
            <td style="border-left: 2px solid #35988A; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,500</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
            </td>
            <td style="vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
            </td>
            <td style="vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,500</font></div>
            </td>
            <td style="border-right: 2px solid; vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,540</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-left: 2px solid; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Depreciation and amortization</font></div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 2px solid; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;27,552</font></div>
            </td>
            <td style="border-bottom: 2px solid; border-left: 2px solid #35988A; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;28,251</font></div>
            </td>
            <td style="border-bottom: 2px solid; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;26,682</font></div>
            </td>
            <td style="border-bottom: 2px solid; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;24,869</font></div>
            </td>
            <td style="border-bottom: 2px solid; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;23,674</font></div>
            </td>
            <td style="border-bottom: 2px solid; vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;103,476</font></div>
            </td>
            <td style="border-bottom: 2px solid; border-right: 2px solid; vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;96,758</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-left: 2px solid; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">Adjusted EBITDA</font></div>
            </td>
            <td style="background-color: #FFFFFF; border-bottom: 2px solid #35988A; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;64,172</font></div>
            </td>
            <td style="border-bottom: 2px solid; border-left: 2px solid #35988A; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;61,343</font></div>
            </td>
            <td style="border-bottom: 2px solid; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;25,149</font></div>
            </td>
            <td style="border-bottom: 2px solid; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;12,716</font></div>
            </td>
            <td style="border-bottom: 2px solid; vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;23,990</font></div>
            </td>
            <td style="border-bottom: 2px solid; vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">&#160;&#160;&#160;123,198</font></div>
            </td>
            <td style="border-bottom: 2px solid; border-right: 2px solid; vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">&#160;&#160;&#160;152,141</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The company will host a conference call </font>and webcast which will include a slide presentation<font style="font-size: 10pt; color: rgb(0, 0, 0);"> at 8:00 a.m. EST/14:00 CET on Thursday May 9, 2019</font><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">&#160;</font><font style="font-size: 10pt; color: rgb(0, 0, 0);">to discuss
          the results for the quarter.</font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">All shareholders and other interested parties are invited to join the conference call, which may be accessed by calling 1&#160;631&#160;510 7495 <font style="font-size: 10pt;
          color: rgb(0, 0, 0);">within the United States, 23 96 02 64 within Norway and +44&#160;(0) 207&#160;192 8000 for international callers</font>. The passcode is &#8220;DHT&#8221; or &#8220;5635269&#8221;.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">The webcast which will include a slide presentation will be available on the following link:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 255);"><u>https://edge.media-server.com/m6/p/stfv94et</u></font> and can also be accessed in the Investor Relations section
        on DHT&#8217;s website at </font><font style="font-size: 10pt; font-family: Arial;"><u><font style="font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 255); font-family: Arial; font-style: normal; font-variant:
            normal; text-transform: none;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #0000ff"><u>http://www.dhtankers.com</u></font></font></u><font style="font-size: 10pt; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);
          font-weight: normal; font-family: Arial; font-style: normal; font-variant: normal; text-transform: none;">.</font><font style="font-size: 10pt;"><br>
        </font></font><font style="font-family: Arial;"><br>
      </font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">An audio replay of the conference call will be available through May 16, 2019.</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">To access the replay, dial 1&#160;917&#160;677 7532</font>&#160;<font style="font-size: 10pt; color: rgb(0, 0, 0);">within the
          United States, 21 03 42 35 within Norway or +44&#160;(0) 333&#160;300 9785 for international callers and enter </font>&#8220;5635269&#8221;<font style="font-size: 10pt; color: rgb(0, 0, 0);"> as the pass code.</font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">ABOUT DHT HOLDINGS, INC.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">DHT is an independent crude oil tanker company. Our fleet trades </font>internationally and consists of crude oil
        tankers in the VLCC segment. We operate through our integrated management companies in Singapore and Oslo, Norway. You shall recognize us by our business approach with an experienced organization with focus on first rate operations and customer
        service, quality ships built at quality shipyards, prudent capital structure with robust cash break even levels to accommodate staying power through the business cycles, a combination of market exposure and fixed income contracts for our fleet and
        a transparent corporate structure maintaining a high level of integrity and good governance.<font style="font-size: 10pt; color: rgb(0, 0, 0);">&#160; For further information: </font></font><font style="font-size: 10pt;"><font style="font-size: 10pt;
          background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 112, 192); font-family: Arial; font-style: normal; font-variant: normal; text-transform: none;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #0000ff"><u>www.dhtankers.com</u></font></font><font style="font-size: 10pt; color: rgb(0, 0, 0);">.</font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; font-weight: bold;">FORWARD LOOKING STATEMENTS</font><br>
        <font style="font-size: 10pt;"><br>
        </font>This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company&#8217;s management as well as assumptions, expectations, projections, intentions and beliefs about
        future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal
        fluctuations in vessel supply and demand. When used in this document, words such as &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;should&#8221; and &#8220;expect&#8221; and similar expressions are intended
        to identify forward-looking statements but are not the exclusive means of identifying such statements. &#160;These statements reflect the Company&#8217;s current views with respect to future events and are based on assumptions and subject to risks and
        uncertainties. &#160;Given these uncertainties, you should not place undue reliance on these forward-looking statements. &#160;These forward-looking statements represent the Company&#8217;s estimates and assumptions only as of the date of this press release and
        are not intended to give any assurance as to future results. &#160;For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company&#8217;s Annual Report on Form 20-F, filed with the Securities and Exchange
        Commission on March 28, 2019.<font style="font-size: 10pt;"><br>
        </font><font style="font-size: 10pt;"><br>
        </font>The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. &#160;In light of
        these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company&#8217;s actual results could differ materially from those anticipated in these forward-looking statements.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">CONTACT:</font><font style="font-size: 10pt;"><br>
        </font><font style="font-size: 10pt; color: rgb(0, 0, 0);">Laila C. Halvorsen, CFO</font><font style="font-size: 10pt;"><br>
        </font><font style="font-size: 10pt; color: rgb(0, 0, 0);">Phone: +1 441&#160;299 4981 and +47 984 39 935</font><font style="font-size: 10pt;"><br>
        </font><font style="font-size: 10pt; color: rgb(0, 0, 0);">E-mail:</font></font><font style="font-size: 10pt;"><font style="font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 112, 192); font-family: Arial;
          font-style: normal; font-variant: normal; text-transform: none;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #0000ff"><u>_Ich@dhtankers.com</u></font></font></font></div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
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    <div style="text-align: center; font-family: Arial; font-size: 18pt;"><font style="font-weight: bold;">DHT HOLDINGS, INC.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
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    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">AS OF MARCH 31, 2019</font></div>
    <div style="font-family: Arial;"><br>
    </div>
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    <div style="font-family: Arial;"><br>
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    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;" noshade="noshade"></div>
    </div>
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    </div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)</u></font></font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt;">($ in thousands)</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;">
      <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" border="0" cellpadding="2" cellspacing="0">

          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #244062">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Note</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">March 31, 2019</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">December 31, 2018</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #35988a">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">ASSETS</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Current assets</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Cash and cash equivalents</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">69,293</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;94,944</font></div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Accounts receivable and accrued revenues</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
              </div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">66,286</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160; 60,196</font></div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Capitalized voyage expenses</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
              </div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">4,090</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">1,633</font></div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Prepaid expenses</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">10,466</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160; 4,338</font></div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Bunkers, lube oils and consumables</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">33,471</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">32,212</font></div>
            </td>
          </tr>
          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total current assets</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">183,606</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">193,323</font></div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Non-current assets</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Vessels and time charter contracts</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">5</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">1,638,323</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">1,665,810</font></div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Other property, plant and equipment</div>
            </td>
            <td style="width: 6.6%; vertical-align: bottom; text-align: center; font-family: Arial;">2</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">1,732</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">335</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Investment in associated company</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">4,667</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">4,388</div>
            </td>
          </tr>
          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total non-current assets</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">1,644,722</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,670,533</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">TOTAL ASSETS</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">1,828,328</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,863,856</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #35988a">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #35988a">&#160;</td>
          </tr>
          <tr style="HEIGHT: 19px">
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Current liabilities</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr style="HEIGHT: 21px">
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Accounts payable and accrued expenses</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">27,751</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">28,634</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Derivative financial liabilities</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">4</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160; 2,326</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">1,250</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219); font-family: Arial;">Current portion long-term debt</td>
            <td rowspan="1" style="width: 6.6%; vertical-align: bottom; text-align: center; font-family: Arial;">4</td>
            <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td rowspan="1" style="width: 22.62%; vertical-align: bottom; text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">94,149</font></td>
            <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td rowspan="1" style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right; font-family: Arial;">&#160;93,815</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Other non-current liabilities</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">2</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;281</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">&#8211;</div>
            </td>
          </tr>
          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total current liabilities</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">124,507</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">123,699</font></div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Non-current liabilities</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Long-term debt</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">4</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160; 824,737</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">873,460</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Derivative financial liabilities</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">4</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;7,774</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">4,486</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Other non-current liabilities</div>
            </td>
            <td style="width: 6.6%; vertical-align: bottom; text-align: center;"><font style="font-family: Arial;">2</font><br>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">1,747</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">542</div>
            </td>
          </tr>
          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total non-current liabilities</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">834,259</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">878,489</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">TOTAL LIABILITIES</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">958,766</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,002,188</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Stockholders&#8217; equity</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Stock</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">6</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;1,420</font></div>
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            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">1,427</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Additional paid-in capital</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">6</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">1,142,496</font></div>
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            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">1,145,107</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Treasury shares</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">7</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">&#8211;</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">(1,364)</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Accumulated deficit</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
              </div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;(274,792)</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">(285,383)</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Translation differences</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">46</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">32</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Other reserves</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">392</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right">1,848</div>
            </td>
          </tr>
          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total stockholders&#8217; equity</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">869,562</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">861,668</div>
            </td>
          </tr>
          <tr>
            <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
            <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
          </tr>
          <tr>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">TOTAL LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</div>
            </td>
            <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
            </td>
            <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">1,828,328</font></div>
            </td>
            <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
            <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,863,856</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <br>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)</u></font></font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt;">($ in thousands except per share amounts)</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;">
      <div style="font-family: Arial;">
        <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" border="0" cellpadding="2" cellspacing="0">

            <tr>
              <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #244062">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
              </td>
              <td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Note</div>
              </td>
              <td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Q1 2019</div>
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98);
                    font-style: normal; font-variant: normal; text-transform: none;">Jan. 1 - Mar. 31, 2019</font> </div>
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              <td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98);
                    font-style: normal; font-variant: normal; text-transform: none;"> Q1 2018<br>
                  </font></div>
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98);
                    font-style: normal; font-variant: normal; text-transform: none;">Jan. 1 - Mar. 31, 2018</font></div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">Shipping revenues</font></div>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="width: 4.16%; vertical-align: bottom; text-align: center; font-weight: bold; font-family: Arial;">$</td>
              <td style="width: 22.62%; vertical-align: bottom; text-align: right;">&#160;<font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">132,305</font></td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">79,911</font></td>
            </tr>
            <tr>
              <td rowspan="1" style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">&#160;</td>
              <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td rowspan="1" style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td rowspan="1" style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic; color: #000000;">Operating expenses</font></td>
              <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td rowspan="1" style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td rowspan="1" style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
            </tr>
            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Voyage expenses</font></div>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
                </div>
              </td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;(46,492)</font></div>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;(33,721)</font></div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Vessel operating&#160; expenses</font></div>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
                </div>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;(17,920)</font></div>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;</font><font style="font-size: 10pt; font-family: Arial; color: #000000;">(17,238)</font></div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Depreciation and amortization</font></div>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">5<br>
                </div>
              </td>
              <td style="width: 4.16%; vertical-align: bottom; text-align: center;">&#160;<font style="font-family: Arial;">$</font></td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(27,552)</font></div>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(23,674)</font></div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Profit /( loss), sale of vessel</font></div>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">
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                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
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            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><br>
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom"><br>
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
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              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
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            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
            </tr>
            <tr style="HEIGHT: 19px">
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
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            <tr style="HEIGHT: 21px">
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
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              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom"><br>
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
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              <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
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              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom"><br>
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: right"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;92</font></div>
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            <tr>
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                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">Profit/(loss) before tax</font></div>
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
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              <td style="border-top: 2px solid rgb(0, 0, 0); width: 22.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"> <font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">17,758</font>
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"> <font style="font-size: 10pt; font-family: Arial;
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            </tr>
            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
            </tr>
            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
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              </td>
              <td style="width: 6.6%; vertical-align: bottom; text-align: center;"><br>
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
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            <tr>
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
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              <td style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; font-family: Arial;
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            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb"><br>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom"><br>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
                </div>
              </td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom"><br>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom"><br>
              </td>
            </tr>
            <tr>
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              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
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            <tr>
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              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom"><br>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
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            </tr>
            <tr>
              <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb"><br>
              </td>
              <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
                </div>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom"><br>
              </td>
              <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom"><br>
              </td>
            </tr>
            <tr>
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              <td style="width: 6.6%; vertical-align: bottom;">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td style="width: 4.16%; vertical-align: bottom;">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
              </td>
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              <td style="width: 4.16%; vertical-align: bottom;">&#160;</td>
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              <td style="width: 6.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
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              <td style="width: 4.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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              <td style="width: 4.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">143,044,483</font></td>
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        </table>
        <div><br>
        </div>
      </div>
    </div>
    <div style="font-family: Arial; text-align: center;"><font style="font-size: 10pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</font> </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u> <br>
          </u></font></font></div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div><u> <br>
    </u>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)</u></font></font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt;">($ in thousands except per share amounts)</font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt;"> <br>
      </font></div>
    <div style="text-align: left; font-family: Arial;">
      <div style="font-family: Arial;">
        <div style="font-family: Arial;">
          <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" border="0" cellpadding="2" cellspacing="0">

              <tr>
                <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #244062">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Note</div>
                </td>
                <td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
                </td>
                <td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Q1 2019</div>
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98);
                      font-style: normal; font-variant: normal; text-transform: none;">Jan. 1 - Mar. 31, 2019</font> </div>
                </td>
                <td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
                </td>
                <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #244062">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98);
                      font-style: normal; font-variant: normal; text-transform: none;"> Q1 2018<br>
                    </font></div>
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98);
                      font-style: normal; font-variant: normal; text-transform: none;">Jan. 1 - Mar. 31, 2018</font></div>
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              </tr>
              <tr>
                <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="font-size: 10pt; font-family: Arial; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Profit/(loss) for the period</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="width: 4.16%; vertical-align: bottom; text-align: center; font-weight: normal; font-family: Arial;">$</td>
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                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#160;(9,213)</font></td>
              </tr>
              <tr>
                <td rowspan="1" style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">&#160;</td>
                <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; font-style: italic; color: #000000;">Other
                    comprehensive income:</font></td>
                <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
              </tr>
              <tr>
                <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; font-style: italic; color: #000000;">Items that will not be reclassified to income statement:</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
                  </div>
                </td>
                <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom"><br>
                </td>
              </tr>
              <tr>
                <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Remeasurement of defined benefit obligation (loss)</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
                  </div>
                </td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="width: 22.62%; vertical-align: bottom; text-align: right;">&#8211;</td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right;">&#8211;</td>
              </tr>
              <tr>
                <td style="border-top: 2px solid rgb(0, 0, 0); width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
                  <div style="font-size: 10pt; font-family: Arial; font-weight: normal; color: rgb(0, 0, 0); text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Total</font></div>
                </td>
                <td style="width: 6.6%; vertical-align: bottom;">&#160;</td>
                <td style="width: 4.16%; vertical-align: bottom;">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
                </td>
                <td style="border-top: 2px solid rgb(0, 0, 0); width: 22.62%; vertical-align: bottom; text-align: right;">&#8211;</td>
                <td style="width: 4.16%; vertical-align: bottom;"><br>
                </td>
                <td style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right;">&#8211;</td>
              </tr>
              <tr style="HEIGHT: 19px">
                <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="font-size: 10pt; font-family: Arial; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-style: italic; color: #000000;">Items that may be
                      reclassified to income statement:</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="width: 22.62%; vertical-align: bottom; text-align: right;"><br>
                </td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right;"><br>
                </td>
              </tr>
              <tr style="HEIGHT: 21px">
                <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Exchange gain (loss) on translation of foreign currency</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
                  </div>
                </td>
                <td style="width: 22.62%; vertical-align: bottom; text-align: right;"><br>
                </td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right;"><br>
                </td>
              </tr>
              <tr>
                <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; color: #000000;">lease asset/liability</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="width: 22.62%; vertical-align: bottom; text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">&#160; (0)</font></td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right;">&#8211;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219); font-family: Arial;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Exchange gain
                    (loss) on translation of foreign currency</font></td>
                <td rowspan="1" style="width: 6.6%; vertical-align: bottom; text-align: center; font-family: Arial;"><br>
                </td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="width: 22.62%; vertical-align: bottom; text-align: right;"><br>
                </td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td rowspan="1" style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right; font-family: Arial;"><br>
                </td>
              </tr>
              <tr>
                <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; color: #000000;">denominated associate</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="width: 22.62%; vertical-align: bottom; text-align: right; font-family: Arial;">14<br>
                </td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right; font-family: Arial;">44<br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="border-top: 2px solid rgb(0, 0, 0); width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);"><font style="font-family: Arial;">Total</font><br>
                </td>
                <td rowspan="1" style="width: 6.6%; vertical-align: bottom;">&#160;</td>
                <td rowspan="1" style="width: 4.16%; vertical-align: bottom; text-align: center; font-family: Arial;">$</td>
                <td rowspan="1" style="border-top: 2px solid rgb(0, 0, 0); width: 22.62%; vertical-align: bottom; text-align: right; font-family: Arial;">14 <br>
                </td>
                <td rowspan="1" style="width: 4.16%; vertical-align: bottom;">&#160;</td>
                <td rowspan="1" style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; text-align: right; font-family: Arial;">44 <br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="background-color: rgb(219, 219, 219); border-bottom: 2px none; border-left: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 39%;">&#160;</td>
                <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="border-bottom: 2px solid; vertical-align: bottom; width: 22.62%; text-align: right;">&#160;</td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="border-bottom: 2px solid; border-right: 2px solid; vertical-align: bottom; width: 22.75%; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">Other comprehensive income</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
                </td>
                <td style="border-top: 2px solid rgb(0, 0, 0); width: 22.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-family: Arial; font-weight: bold;">14</font><br>
                </td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                </td>
                <td style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160; <font style="font-size: 10pt; font-family: Arial;
                    font-weight: bold; color: rgb(0, 0, 0);">44</font> </td>
              </tr>
              <tr>
                <td style="WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 22.75%; VERTICAL-ALIGN: bottom">&#160;</td>
              </tr>
              <tr>
                <td style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">Total comprehensive income for the period</font></div>
                </td>
                <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
                </td>
                <td style="border-top: 2px solid rgb(0, 0, 0); width: 22.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">17,737</font></td>
                <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; font-family: Arial;
                    font-weight: bold; color: rgb(0, 0, 0);">&#160; (9,169)</font></td>
              </tr>
              <tr>
                <td rowspan="1" style="BORDER-TOP: #000000 2px solid; WIDTH: 39%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">&#160;<br>
                </td>
                <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="border-top: 2px solid rgb(0, 0, 0); width: 22.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
                <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                <td rowspan="1" style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0); text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Attributable to the owners of parent</font></div>
                </td>
                <td style="width: 6.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>
                </td>
                <td style="width: 4.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">$</div>
                </td>
                <td style="width: 22.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">17,737</font></td>
                <td style="width: 4.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="border-right: 2px solid rgb(0, 0, 0); width: 22.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">&#160;
                    (9,169)</font></td>
              </tr>

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        </div>
      </div>
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    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;">&#160;The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED</u></font>)</font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt;">($ in thousands)</font></div>
    <div style="font-family: Arial;"> <br>
    </div>
    <div style="text-align: left; font-family: Arial;">
      <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" border="0" cellpadding="1" cellspacing="0">

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            <td style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(36, 64, 98); width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 7%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 4%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: right">&#160;</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Q1 2019</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 3.77%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Q1 2018</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="width: 7%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Note</div>
            </td>
            <td style="width: 4%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: right">&#160;</div>
            </td>
            <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(36, 64, 98); background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Jan. 1 - Mar. 31,</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">2019</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="width: 23%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Jan. 1 - Mar. 31,</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">2018</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid; background-color: rgb(53, 152, 138);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">CASH FLOW FROM OPERATING ACTIVITIES</div>
            </td>
            <td style="width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="width: 4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: right">&#160;</div>
            </td>
            <td style="border-top: 2px solid rgb(36, 64, 98); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
            <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: center">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net income / (loss)</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
              </div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">$</div>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,723</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,213)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;"><br>
            </td>
          </tr>
          <tr style="HEIGHT: 17px">
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Items included in net income not affecting cash flows</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">34,194</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">26,224</div>
            </td>
          </tr>
          <tr style="HEIGHT: 17px">
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Depreciation</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">5</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">27,552</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">23,674</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Amortization of debt issuance costs</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">2,006</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">1,727</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;(Profit) / loss, sale of vessel</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
              </div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; text-align: right;">&#8211;</td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">46</div>
            </td>
          </tr>
          <tr style="HEIGHT: 21px">
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Fair value (gain) / loss on derivative financial instruments</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">4</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">4,364</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">(359)</div>
            </td>
          </tr>
          <tr style="HEIGHT: 17px">
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Compensation related to options and restricted stock</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">538</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">1,393</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Share of profit in associated companies</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">
                <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">(265)<br>
                </div>
              </div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">(258)</div>
            </td>
          </tr>
          <tr>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Income adjusted for non-cash items</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">$</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">51,917</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">17,011</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.77%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Changes in operating assets and liabilities</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">(15,232)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">364</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Accounts receivable and accrued revenues</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">8<br>
              </div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">(6,090)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">(511)</div>
            </td>
          </tr>
          <tr style="HEIGHT: 13px">
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Capitalized voyage expenses</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
              </div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">(2,457)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">597</div>
            </td>
          </tr>
          <tr>
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            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
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            <td style="width: 3.77%; vertical-align: bottom;"><br>
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            <td style="width: 23%; vertical-align: bottom;">
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            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
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            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
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              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">659</div>
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            <td style="width: 3.77%; vertical-align: bottom;"><br>
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            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">907</div>
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          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
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            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">(1,260)</div>
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            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">1,672</div>
            </td>
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          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Pension liability</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">43</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">7</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net cash provided by operating activities</div>
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            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">$</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">36,685</div>
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            <td style="width: 3.77%; vertical-align: bottom;"><br>
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            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <tr style="HEIGHT: 23px">
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">&#160;</td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="width: 3.77%; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; text-align: right;">&#160;</td>
          </tr>
          <tr style="HEIGHT: 18px">
            <td style="width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">CASH FLOW FROM INVESTING ACTIVITIES</div>
            </td>
            <td style="width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
            <td style="width: 4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
            <td style="width: 3.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Investment in vessels</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(1,500)</div>
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            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(1,715)</div>
            </td>
          </tr>
          <tr style="HEIGHT: 18px">
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Investment in vessels under construction</div>
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            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"><br>
              </div>
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            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; text-align: right;">&#8211;</td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(17,479)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Sale of vessels</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; text-align: right;">&#8211;</td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">20,715</div>
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          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Investment in property, plant and equipment</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(5)</div>
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            <td style="width: 3.77%; vertical-align: bottom;"><br>
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            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(69)</div>
            </td>
          </tr>
          <tr>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net cash (used in)/provided by investing activities</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">$</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">(1,505)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
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            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">1,452</div>
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          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.77%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">CASH FLOW FROM FINANCING ACTIVITIES</div>
            </td>
            <td style="width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
            <td style="width: 4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
            <td style="width: 3.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Cash dividends paid</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">7</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(7,132)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(2,871)</div>
            </td>
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          <tr style="HEIGHT: 18px">
            <td rowspan="1" style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="text-align: left; color: #000000; font-family: Arial; font-size: 10pt;">Repayment of lease liability</div>
            </td>
            <td rowspan="1" style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(56)</div>
            </td>
            <td rowspan="1" style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td rowspan="1" style="width: 23%; vertical-align: bottom; text-align: right;">&#8211;</td>
          </tr>
          <tr style="HEIGHT: 18px">
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Issuance of long term debt</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">4</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(1)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom; text-align: right;">&#8211;</td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Purchase of treasury shares</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">7</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(3,248)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom; text-align: right;">&#8211;</td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Scheduled repayment of long-term debt</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">4</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(15,394)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(14,824)</div>
            </td>
          </tr>
          <tr style="HEIGHT: 14px">
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Prepayment of long-term debt<br>
              </div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">4</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(35,000)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom; text-align: right;">&#8211;</td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Repayment of long-term debt, sale of vessels</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">4</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; text-align: right;">&#8211;</td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(8,663)</div>
            </td>
          </tr>
          <tr>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net cash used in financing activities</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">$</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">(60,831)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">(26,359)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.77%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Net decrease in cash and cash equivalents</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(25,651)</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">(7,531)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Cash and cash equivalents at beginning of period</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">94,944</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
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            </td>
          </tr>
          <tr>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Cash and cash equivalents at end of period</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">$</div>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">69,293</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-weight: bold;">69,761</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Specification of items included in operating activities:</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Interest paid</div>
            </td>
            <td style="width: 7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">14,069</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom;"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">6,717</div>
            </td>
          </tr>
          <tr>
            <td style="width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(219, 219, 219);">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Interest received</div>
            </td>
            <td style="width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">163</div>
            </td>
            <td style="width: 3.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt;">71</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>
      <div></div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u> <br>
          </u></font></font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; EQUITY </u></font></font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>(UNAUDITED)</u></font></font></div>
    <div style="font-family: Arial;">
      <div style="text-align: center;"><font style="font-size: 10pt;">($ in thousands except shares)</font></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">

          <tr>
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              font-weight: normal; text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 2%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.99%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 2%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.99%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.84%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
              center; text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.84%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
              center; text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.99%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); border-right: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal;
              font-weight: bold; text-align: center; text-transform: none; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 35%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal;
              font-weight: normal; text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 2%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
              center; text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.99%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
              center; text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 2%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;Additional</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
              center; text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.99%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;Treasury</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
              center; text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;Retained</td>
            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.84%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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            <td rowspan="1" colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 1%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align:
              center; text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.84%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 0.99%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
              text-transform: none;">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); border-right: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 6%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal;
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          </tr>
          <tr>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 35%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal;
              font-weight: normal; text-transform: none; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 2%; color: rgb(255, 255, 255); font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: bold; text-align: center;
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              <div style="text-align: left; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Adjusted balance at January 1, 2018</font></div>
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            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
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            <td style="width: 2%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
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            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
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            <td style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
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            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
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          <tr>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
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            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
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            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px; font-family: Arial;">
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          <tr>
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              <div style="text-align: left; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">Total comprehensive income</font></div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
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          <tr>
            <td style="background-color: rgb(219, 219, 219); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 35%; font-family: Arial;">
              <div style="text-align: left; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">Cash dividends declared and paid</font></div>
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            <td style="width: 2%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,871)</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,871)</font></div>
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          <tr>
            <td style="background-color: rgb(219, 219, 219); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; padding-bottom: 2px; width: 35%; font-family: Arial;">
              <div style="text-align: left; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">Compensation related to options and restricted stock</font></div>
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            <td style="vertical-align: top; padding-bottom: 2px; width: 2%; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,155,136</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,211</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;(4,829)</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,393</font></div>
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          <tr>
            <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid; vertical-align: top; width: 35%; font-family: Arial;">
              <div style="text-align: left; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Balance at March 31, 2018</font></div>
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            <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;143,572,543</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;1,436</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;1,147,005</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;(238,906)</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;129</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;846</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
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            <td style="width: 2%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
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            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
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            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
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            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
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          <tr>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">&#160;</td>
            <td style="width: 2%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 2%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">&#160;</td>
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          <tr>
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              <div style="text-align: left; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Balance at January 1, 2019</font></div>
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            <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;142,700,046</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;1,427</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;1,145,107</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;(1,364)</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;(285,383)</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;1,848</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: right; font-family: Arial;">
              <div style="font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;$</font></div>
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            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;861,668</font></div>
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          <tr>
            <td style="background-color: rgb(219, 219, 219); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 35%; font-family: Arial;">
              <div style="text-align: left; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">Net income/(loss) after tax</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,723</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,723</font></div>
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          <tr>
            <td style="background-color: rgb(219, 219, 219); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 35%; padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: left; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">Other comprehensive income</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px; font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14</font></div>
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          <tr>
            <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid; vertical-align: top; width: 35%; font-family: Arial;">
              <div style="text-align: left; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">Total comprehensive income</font></div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,723</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14</font></div>
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            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,737</font></div>
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          <tr>
            <td style="background-color: rgb(219, 219, 219); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 35%; font-family: Arial;">
              <div style="text-align: left; font-size: 9pt;"><font style="color: rgb(0, 0, 0);">Cash dividends declared and paid</font></div>
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            <td style="width: 2%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 0.99%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
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            <td style="width: 6%; vertical-align: top; font-family: Arial; font-size: 9pt;">&#160;</td>
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          <tr>
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              <div style="text-align: right; font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;142,000,000</font></div>
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              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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              <div style="font-size: 9pt;"><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;$</font></div>
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    </div>
    <br>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <br>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u></font></font></div>
    <div style="text-align: center; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>FOR THE PERIOD ENDED MARCH 31, 2019</u></font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 1 &#8211; General information</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">DHT Holdings, Inc. (&#8220;DHT&#8221; or the &#8220;Company&#8221;) is a company incorporated under the laws of the Marshall Islands whose shares are listed on the New
        York Stock Exchange. The Company&#8217;s principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company is engaged in the ownership and operation of a fleet of crude oil carriers.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The financial statements were approved by the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) on May 8, 2019 and authorized for issue on May 8, 2019.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 2 &#8211; General accounting principles</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The condensed consolidated interim financial statements do not include all information and disclosure required in the annual financial statements
        and should be read in conjunction with DHT&#8217;s audited consolidated financial statements included in its Annual Report on Form 20-F for 2018. Our interim results are not necessarily indicative of our results for the entire year or for any future
        periods.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The interim condensed financial statements have been prepared in accordance with IAS 34 &#8220;Interim Financial Reporting&#8221; as issued by the
        International Accounting Standards Board (&#8220;IASB&#8221;).</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The interim condensed financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have
        been measured at fair value. The accounting policies that have been followed in these interim condensed financial statements are the same as presented in the 2018 audited consolidated financial statements.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">These interim condensed consolidated financial statements have been prepared on a going concern basis.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><font style="font-size: 10pt;"><u>Application of new and revised International Financial Reporting Standards (&#8220;IFRSs&#8221;)</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">New and revised IFRSs, and interpretations mandatory for the first time for the financial year beginning January 1, 2019 are listed below. With
        the exception of IFRS 16, the adoption did not have any effect on the financial statements:</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;">
      <div style="text-align: left;">
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt; font-family: Arial;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">o</font></td>
                <td style="width: auto; vertical-align: top; text-align: left; font-family: Arial;">
                  <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">IFRS 16 Leases</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: left;">
      <div> </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb09a3d1e38146088ed77dc0e45292ef" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; font-family: Arial;">
                <div><br>
                </div>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">o</font></td>
              <td style="width: auto; vertical-align: top; text-align: left; font-family: Arial;">
                <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">Amendments to IFRS 9 Prepayment Features with Negative Compensation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za923de2a7ab543c08f1b10a1ab95f0d4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">o</font></td>
              <td style="width: auto; vertical-align: top; text-align: left; font-family: Arial;">
                <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1c2eea7a6a444eb6b3a798c56dd85814" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">o</font></td>
              <td style="width: auto; vertical-align: top; text-align: left; font-family: Arial;">
                <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">Annual Improvements to IFRS Standards 2015-2017 Cycle, Amendments to IFRS 3 Business Combinations, IFRS 11&#160; Joint Arrangements, IAS 12 Income Taxes and IAS 23 Borrowing Costs</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5d9fbee8fa31487c90643334bc67c3c4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">o</font></td>
              <td style="width: auto; vertical-align: top; text-align: left; font-family: Arial;">
                <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">Amendments to IAS 19 Employee Benefits, Plan Amendments, Curtailments or Settlements</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a7a6fd6f8b1461fa424d7b3a832ecc6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">o</font></td>
              <td style="width: auto; vertical-align: top; text-align: left; font-family: Arial;">
                <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">IFRS 10 Consolidated Financial Statements and IAS 28 (amendments), Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc921e320f14c4df9b0c3e2a3aaa4dd60" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial; text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">o</font></td>
              <td style="width: auto; vertical-align: top; text-align: left; font-family: Arial;">
                <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">IFRIC 23 Uncertainty over Income Tax Treatments</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"><font style="font-size: 10pt;"><u>Adoption of IFRS 16 </u></font><font style="font-size: 10pt; font-style: italic;"><u>Leases</u></font></font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Effective from January 1, 2019, we adopted the new accounting standard IFRS 16<font style="font-size: 10pt; font-style: italic;"> Leases</font> using
        the modified retrospective method. We recognized an initial $1.5 million lease liability and a corresponding right-of-use lease asset to comply with the new lease standard. There was no transition effect on the opening balance of equity, and the
        comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The effects of the change in the accounting standard from IAS 17 <font style="font-size: 10pt; font-style:
          italic;">Leases</font> to IFRS 16 <font style="font-size: 10pt; font-style: italic;">Leases</font> is described in further detail in DHT&#8217;s Annual Report on Form 20-F for 2018.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Amounts recognized in our condensed consolidated statement of financial position as of March 31, 2019 after the adoption of IFRS 16 <font style="font-size: 10pt; font-style: italic;">Leases </font>were as follows:</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">
      <table style="border-collapse: collapse; width: 70%; font-family: 'Times New Roman'; font-size: 10pt;" id="zba970aaa7b8b4dc7af5685841b569091" align="left" border="0" cellpadding="2" cellspacing="0">

          <tr>
            <td colspan="2" style="background-color: rgb(36, 64, 98); vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: left; color: rgb(255, 255, 255); font-size: 10pt; font-weight: bold;">Amounts recognized in the consolidated statement of financial position</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: rgb(36, 64, 98); vertical-align: top; width: 75%; border-left: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
            </td>
            <td style="background-color: rgb(36, 64, 98); vertical-align: top; width: 25%; border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">&#160;March 31, 2019</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: rgb(219, 219, 219); vertical-align: top; width: 75%; border-left: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Lease liability (Other non-current liabilities)</font></div>
            </td>
            <td style="width: 25%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">1,162</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: rgb(219, 219, 219); vertical-align: top; width: 75%; border-left: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Lease liability (Other current liabilities)</font></div>
            </td>
            <td style="width: 25%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">281</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: rgb(219, 219, 219); vertical-align: top; width: 75%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Right-of-use asset (Other property, plant and equipment)</font></div>
            </td>
            <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); font-family: Arial;">
              <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">1,437</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-family: Arial; clear: both;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 3 &#8211; Segment reporting</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Since DHT&#8217;s business is limited to operating a fleet of crude oil tankers, management has organized the entity as one segment based upon the
        service provided. Consequently, the Company has one operating segment as defined in IFRS 8, Operating Segments.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">As of March 31, 2019, the Company had 27 vessels in operation; 4 vessels were on time charters and 23 vessels operating in the spot market.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><font style="font-size: 10pt;"><u>Information about major customers:</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">For the period from January 1, 2019 to March 31, 2019 five customers represented $20.7 million, $20.7 million, $20.0 million, $14.4 million and
        $8.8 million, respectively, of the Company&#8217;s revenues. The five customers in aggregate represented $84.6 million, equal to 64 percent of the total revenue of $132.3 million for the period from January 1, 2019 to March 31, 2019.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">For the period from January 1, 2018 to March 31, 2018 five customers represented $11.5 million, $10.8 million, $7.2 million, $6.5 million and $5.8
        million, respectively, of the Company&#8217;s revenues. The five customers in aggregate represented $41.8 million, equal to 52 percent of the total revenue of $79.9 million for the period from January 1, 2018 to March 31, 2018.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 4 &#8211; Interest bearing debt</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">As of March 31, 2019, DHT had interest bearing debt totaling $918.9 million (including the </font>$157.9 million
        convertible senior notes)<font style="font-size: 10pt; color: rgb(0, 0, 0);">.</font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Scheduled debt repayments (USD thousands) and margin above Libor</font></div>
    <div style="text-align: left; font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;">
      <div>
        <table id="z270bbae5ecaa46e8b54b7c0237749c44" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" border="0" cellpadding="2" cellspacing="0">

            <tr style="HEIGHT: 24px">
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; COLOR: #ffffff; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR:
                #244062">$ in thousands</td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 10.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; background-color: rgb(36, 64, 98);">
                <div style="font-weight: bold; color: rgb(255, 255, 255);">Margin</div>
                <div style="font-weight: bold; color: rgb(255, 255, 255);">above Libor</div>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; background-color: rgb(36, 64, 98);">
                <div style="font-weight: bold; color: rgb(255, 255, 255);">Q2</div>
                <div style="font-weight: bold; color: rgb(255, 255, 255);">2019</div>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; background-color: rgb(36, 64, 98);">
                <div style="font-weight: bold; color: rgb(255, 255, 255);">Q3-Q4</div>
                <div style="font-weight: bold; color: rgb(255, 255, 255);">2019</div>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; background-color: rgb(36, 64, 98);">
                <div style="font-weight: bold; color: rgb(255, 255, 255);">2020</div>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; background-color: rgb(36, 64, 98);">
                <div style="font-weight: bold; color: rgb(255, 255, 255);">2021</div>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; background-color: rgb(36, 64, 98);">
                <div style="font-weight: bold; color: rgb(255, 255, 255);">Thereafter</div>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; border-right: 2px solid rgb(0, 0, 0); width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right;
                background-color: rgb(36, 64, 98);">
                <div style="font-weight: bold; color: rgb(255, 255, 255);">Total</div>
              </td>
            </tr>
            <tr style="HEIGHT: 24px">
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">ABN Amro Credit Facility</div>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.40%<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">8,344<br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: bottom; FONT-STYLE: normal; TEXT-ALIGN: right">16,689<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">33,378<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">33,378<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">369,505<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; border-right: 2px solid rgb(0, 0, 0); width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">461,294<br>
              </td>
            </tr>
            <tr style="HEIGHT: 17px">
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Credit Agricole Credit Facility</div>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.19%<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">1,649<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">3,299<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">6,597<br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; TEXT-ALIGN: right">6,597<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">42,925<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; border-right: 2px solid rgb(0, 0, 0); width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">61,068<br>
              </td>
            </tr>
            <tr style="HEIGHT: 22px">
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Danish Ship Finance Credit Facility</div>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.25%<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">1,300<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">1,300<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">39,000<br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; border-right: 2px solid rgb(0, 0, 0); width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">41,600<br>
              </td>
            </tr>
            <tr>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Nordea Credit Facility *</div>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.40%<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">5,400<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">10,800<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">26,600<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">21,600<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">153,683<br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; border-right: 2px solid rgb(0, 0, 0); width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">218,083<br>
              </td>
            </tr>
            <tr style="HEIGHT: 18px">
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">ABN Amro Revolving Credit Facility **</div>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.50%<br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-RIGHT: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
            </tr>
            <tr>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Convertible Senior Notes</div>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 10.78%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; FONT-STYLE: normal"><br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; padding-bottom: 2px; font-style: normal; text-align: right;">32,860<br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; FONT-STYLE: normal"><br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; width: 8%; vertical-align: bottom; padding-bottom: 2px; font-style: normal; text-align: right;">125,000<br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; FONT-STYLE: normal"><br>
              </td>
              <td style="font-size: 10pt; font-family: Arial; border-right: 2px solid rgb(0, 0, 0); width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right;">157,860<br>
              </td>
            </tr>
            <tr>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
              </td>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 10.78%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal">
                <div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; font-weight: bold;">16,694<br>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; font-weight: bold;">64,948<br>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; font-weight: bold;">105,575<br>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; font-weight: bold;">186,575<br>
              </td>
              <td style="font-size: 10pt; border-top: 2px solid rgb(0, 0, 0); font-family: Arial; width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-style: normal; text-align: right; font-weight: bold;">566,113<br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-RIGHT: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: right">939,905<br>
              </td>
            </tr>
            <tr>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Unamortized upfront fees bank loans</div>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 10.78%; VERTICAL-ALIGN: middle; FONT-STYLE: normal">&#160;</td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-RIGHT: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; TEXT-ALIGN: right">(8,533)<br>
              </td>
            </tr>
            <tr>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Difference amortized cost/notional amount convertible note</div>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 10.78%; VERTICAL-ALIGN: middle; FONT-STYLE: normal">&#160;</td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-RIGHT: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: middle; FONT-STYLE: normal; TEXT-ALIGN: right">(12,485)<br>
              </td>
            </tr>
            <tr>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 41.26%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dbdbdb">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total interest bearing debt</div>
              </td>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 10.78%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal">&#160;</td>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; WIDTH: 8%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal"><br>
              </td>
              <td style="FONT-SIZE: 10pt; BORDER-TOP: #000000 2px solid; FONT-FAMILY: Arial; BORDER-RIGHT: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; FONT-STYLE: normal; TEXT-ALIGN: right"><font style="font-weight: bold;">918,886</font><br>
              </td>
            </tr>

        </table>
        <div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: normal">&#160;</div>
      </div>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">*$80.0 mill. undrawn as of March 31, 2019.</font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">**$51.9 mill. available as of March 31, 2019.&#160; Quarterly reduction of $1.8 million.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>Refinancing</u></font></font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">In April 2018 we entered into a $484 million secured credit facility agreement for the refinancing of 13 of the Company&#8217;s VLCCs. The following credit facilities were
        refinanced: Nordea Samco Credit Facility (DHT Sundarbans, DHT Taiga, DHT Redwood, DHT Hawk, DHT China, DHT Falcon and DHT Condor) $215.2 million, Nordea/DNB Credit Facility (DHT Leopard) $44.4 million, ABN Amro Credit Facility (DHT Lion, DHT
        Panther and DHT Puma) $118.4 million and the undrawn DNB/Nordea Credit Facility (DHT Bronco and DHT Mustang) $82.5 million. We also entered into an agreement with ABN Amro to increase the Company&#8217;s revolving credit facility to $57.3 million from
        the current availability of $43.4 million. Both credit facilities are described below.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>ABN Amro Credit Facility</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;">In April 2018 we entered into a credit facility with ABN Amro, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank as lenders and DHT
        Holdings, Inc. as guarantor for the financing of eleven VLCCs and two newbuildings. Borrowings bear interest at a rate equal to Libor + 2.40% and the loan is repayable in quarterly installments of $8.3 million through Q2 2024 and a final payment of
        $286.1 with the last installment.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"> </font><font style="font-family: Arial;"><br>
      </font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;">The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135%
        of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</font></div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbd4d90baaa64ab9b788ee36cb0ac567" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">Value <font style="background-color: rgb(255, 255, 255); font-size: 10pt;">adjusted* tangible net worth of $300 million</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4e225c960734426a12b8695440c49e2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd851694e8440428881ee0c093efbdc67" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;">* Value adjusted defined as an adjustment to reflect the difference between the carrying amount and the market valuations of the Company&#8217;s vessels
        (as determined quarterly by an approved broker).</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"><font style="font-size: 10pt;"><u>Credit Agricole Credit Facility</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">In June 2015 Samco Gamma Ltd and DHT Tiger Limited entered into a credit agreement with Credit Agricole for the
          financing of the Samco Scandinavia and the newbuilding DHT Tiger that was delivered in January 2017.&#160; In June 2016 we made a voluntary prepayment of $5.0 million and the financing of the Samco Scandinavia is repayable with 30 quarterly
          installments of $0.97 million each. The $48.7million financing of DHT Tiger was drawn in 2016 in advance of the delivery of the DHT Tiger which took place in January 2017 and is </font>repayable in quarterly installments of $0.7 million with a
        final payment of $29.7 in December 2023<font style="font-size: 10pt; color: rgb(0, 0, 0);">. The loan bears interest at Libor plus a margin of 2.1875%.&#160; </font>The credit agreement is guaranteed by DHT and contains a covenant requiring that at all
        times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</font></div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z03f6ce87b18c4aa09ccfd00553309d6a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">Value <font style="background-color: rgb(255, 255, 255); font-size: 10pt;">adjusted* tangible net worth of $200 million</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z894d8729cc2d4dce89db7e02e8c3fb75" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b9cb1a04a554c6298ae36b334226678" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">*</font> Value adjusted defined as an adjustment to reflect the difference
        between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>Danish Ship Finance Credit Facility</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;">In November 2014 we entered into a credit facility totaling $49.4 million with Danish Ship Finance (&#8220;DSF&#8221;) as lender and DHT Holdings, Inc. as guarantor for the
        financing of the VLCC newbuilding DHT Jaguar delivered in Q4 2015.&#160; The full amount of the credit facility was drawn in November 2015.&#160; Borrowings bear interest at a rate equal to Libor + 2.25% and are repayable in 10 semiannual installments of
        $1.3 million each from May 2016 to November 2020 and a final payment of $36.4 million in November 2020. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessel that secure the credit facility
        be no less than 130% of borrowings. Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</font></div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z33e803a5f4d24c6a826241bcfebf7267" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">Value <font style="background-color: rgb(255, 255, 255); font-size: 10pt;">adjusted* tangible net worth of $300 million</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z917c8c114f274f4a87a6600ca219327f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z67128fcf61e94afa8c6bbf29f8d042d3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">*</font> Value adjusted defined as an adjustment to reflect the difference
        between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>Nordea Credit Facility</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;">$204 million of the $300 million credit facility was borrowed during the second quarter of 2017 in connection with delivery of the nine VLCCs in water from BW.&#160; The
        final $96 million was borrowed in connection with the delivery of the two VLCC newbuildings from DSME in the second quarter of 2018.&#160; The credit facility is guaranteed by DHT Holdings, Inc., borrowings bear interest at a rate equal to Libor +
        2.40%. Subsequent to the sale of the DHT Utah and DHT Utik, the delivery of DHT Stallion and DHT Colt in 2018 and the prepayment of $35 million in March 2019, the current outstanding is repayable in quarterly installments of $5.4 million with a
        final payment of $121.3 million in the second quarter of 2023. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings.
        Also, DHT covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</font></div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7baa92ceff9e4fcd9f180717b3713ff7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">Value <font style="background-color: rgb(255, 255, 255); font-size: 10pt;">adjusted* tangible net worth of $300 million</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5be580a9ec344c2fbf535c24063cad72" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z399ef17f95a642c3aed0b6f1e5d00362" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">*</font> Value adjusted defined as an adjustment to reflect the difference
        between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">In September 2018 we secured commitment to a $50 million scrubber financing structured through an increase of the existing $300 million secured credit facility entered
        into in the second quarter of 2017. The increased facility bear the same interest rate equal to Libor + 2.40%. As per March 31, 2019, a total of $5.0 million was drawn and $45.0 million is available. The facility will have quarterly installments of
        $2.5 million commencing second quarter 2020. Other terms and conditions remain unchanged.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>ABN Amro Revolving Credit Facility</u></font></font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">In November 2016, we entered into a secured five year revolving credit facility with ABN Amro totaling $50.0 million to be used for general corporate purposes, including
        security repurchases and the acquisition of ships. The financing bears interest at a rate equal to Libor + 2.50%.&#160; In April 2018, we entered into an agreement with ABN Amro to increase the revolving credit facility to $57.3 million with a quarterly
        reduction of $1.8 million starting July 31, 2018. The credit facility contains a covenant requiring that at all times the charter-free market value of the vessels that secure the credit facility be no less than 135% of borrowings. Also, DHT
        covenants that, throughout the term of the credit facility, DHT, on a consolidated basis, shall maintain:</font></div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f3a5ec1da294e8c9044654d8f139b58" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;">Value <font style="background-color: rgb(255, 255, 255); font-size: 10pt;">adjusted* tangible net worth of $300 million</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z25f2a0089b564159b9700ff02dd33174" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 20.6pt; font-family: Arial;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></font></div>
              </td>
            </tr>

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

              <tr>
                <td style="width: 20.6pt; font-family: Arial;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: Arial;"><font style="font-size: 10pt;">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify; font-family: Arial;">
                  <div><font style="font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt;">*</font>Value adjusted defined as an adjustment to reflect the difference
        between the carrying amount and the market valuations of the Company&#8217;s vessels (as determined quarterly by an approved broker).</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>Interest rate swaps</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;">As of March 31, 2019, the Company has nine amortizing interest rate swaps totaling $396.4 million with maturity ranging from the second quarter 2023 to the third
        quarter 2023. The average fixed interest rate is 2.96%. As of March 31, 2019, the fair value of the derivative financial liability related to the swaps amounted to $10.1 million.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>Covenant compliance</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">As of the date of our most recent compliance certificates submitted to the banks, we are in compliance with our financial covenants.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 5 &#8211; Vessels</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The carrying values of our vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels
        tend to fluctuate with changes in charter rates and the cost of constructing new vessels. Historically, both charter rates and vessel values have been cyclical. The carrying amounts of vessels held and used by us are reviewed for potential
        impairment or reversal of prior impairment charges whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel. The Company is of the
        view that there were no events or changes in circumstances indicating that the carrying amount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel as of March 31, 2019.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zc218b9d395f54d1989e3f388adc9c16c" border="0" cellpadding="2" cellspacing="0">

        <tr>
          <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Cost of Vessels</font></div>
          </td>
          <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
          </td>
          <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">At January 1, 2019</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">2,071,456</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Additions</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">(42)</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Retirement</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-top: 2px solid; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">At March 31, 2019</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">&#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;2,071,414</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80.75%; vertical-align: bottom; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#160;</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Depreciation, impairment and amortization*</font></div>
          </td>
          <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(255, 255, 255);">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
          </td>
          <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(255, 255, 255);">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">At January 1, 2019</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#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;405,646</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Depreciation and amortization</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#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;27,445</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Impairment charges</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Retirement</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-top: 2px solid; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">At March 31, 2019</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">&#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;433,091</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 80.75%; vertical-align: bottom; font-family: Arial;">&#160;</td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Carrying Amount</font></div>
          </td>
          <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(255, 255, 255);">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
          </td>
          <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(255, 255, 255);">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">At January 1, 2019</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">&#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;1,665,810</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-top: 2px solid; vertical-align: bottom; width: 80.75%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">At March 31, 2019</font></div>
          </td>
          <td style="width: 19.25%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial; text-align: right;">
            <div><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">&#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;1,638,323</font></div>
          </td>
        </tr>

    </table>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">*Accumulated numbers</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 6 &#8211; Equity and Convertible Bond Offerings</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; margin-right: 2.2pt; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);"><font style="font-size: 10pt;"><u>Convertible Senior Note Offering</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;">On September 16, 2014 we completed a private placement of $150 million aggregate principal amount of convertible senior notes due 2019 (the &#8220;2019 Notes&#8221;). DHT will pay
        interest at a fixed rate of 4.5% per annum, payable semiannually in arrears. Net proceeds to DHT were approximately $145.9 million after the payment of placement agent fees. The value of the conversion right has been estimated to $21.8 million;
        hence $21.8 million of the aggregate principal amount of $150.0 million was classified as equity. The Notes will be convertible into common stock of DHT at any time after placement until one business day prior to their maturity. The initial
        conversion price was $8.125 per share of common stock (equivalent to 18,461,538 shares of common stock), and is subject to customary anti-dilution adjustments. As a result of the cumulative effect of previously announced cash dividends, the
        conversion price was adjusted to $6.1285 effective February 15, 2019. Based on the adjusted conversion price and after adjusting for the repurchase of $44.2 million of the convertible senior notes in the open market at an average price of 94.5% of
        par, and the private exchange August 2018, the total number of shares to be issued would be 5,361,834.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;">In August 2018 we completed a privately negotiated exchange agreement with certain holders of the outstanding 4.5% Convertible Senior Notes due 2019 to exchange
        approximately $73.0 million aggregate principal amount of the existing notes for approximately $80.3 million aggregate principal amount of the Company&#8217;s new 4.5% Convertible Senior Notes due 2021. In addition, a private placement was completed of
        approximately $44.7 million aggregate principal amount of the Company&#8217;s new 4.5% Convertible Senior Notes due 2021 for gross proceeds of approximately $41.6 million. Net proceeds to DHT were approximately $38.9 million after the payment of
        placement agent fees.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt;">Following closing of the private exchange and the private placement, there are $125 million aggregate principal amount of convertible senior notes due 2021 (the &#8220;2021
        Notes&#8221;) and approximately $32.9 million aggregate principal amount of the 2019 Notes outstanding. The 2021 Notes will bear interest at a rate of 4.5% per annum on the principal amount accruing from August 21, 2018. Interest will be payable
        semiannually in arrears on February 15 and August 15 each year, beginning on February 2019. Interest is computed on the basis of 360-day year comprised of twelve 30-days months. The initial conversion price was $6.2599 per share of common stock
        (equivalent to 19,968,370 shares of common stock) and is subject to customary anti-dilution adjustments. As a result of the cumulative effect of previously announced cash dividends, the conversion price was adjusted to 6.1285 effective February 15,
        2019. Based on the adjusted conversion price the total number of shares to be issued would be 20,396,508. The 2021 Notes will mature on August 15, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 7 &#8211; Stockholders equity and dividend payment</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z0c1c7dbf77754e9bae3662ec77d2a335" border="0" cellpadding="2" cellspacing="0">

        <tr>
          <td style="background-color: rgb(36, 64, 98); vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(255, 255, 255);">&#160;</font></div>
          </td>
          <td colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: top; width: 2%; font-family: Arial;">&#160;</td>
          <td style="background-color: rgb(36, 64, 98); vertical-align: top; width: 12%; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Common stock</font></div>
          </td>
          <td style="background-color: rgb(36, 64, 98); vertical-align: top; width: 12%; font-family: Arial;">&#160;</td>
          <td colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: top; width: 2%; font-family: Arial;">&#160;</td>
          <td style="background-color: rgb(36, 64, 98); vertical-align: top; width: 12%; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Preferred stock</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt;">Issued at March 31, 2019</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">142,000,000</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">&#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;&#160;&#160;&#160;-</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt;">Shares to be issued assuming conversion of</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt;">&#160;&#160;&#160;convertible notes due 2019*</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">6,587,872</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt;">Shares to be issued assuming conversion of</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt;">&#160;&#160;&#160;convertible notes due 2021*</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">30,019,262</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt;">Numbers of shares authorized for issue</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt;">&#160;&#160;&#160;at March 31, 2019</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;250,000,000</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle; font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,000,000</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid; vertical-align: top; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt;">Par value</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">$ 0.01</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">&#160;</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: Arial;">
            <div style="text-align: right;"><font style="font-size: 10pt;">$ 0.01</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic;">&#160;&#160;*assuming the maximum Fundamental Change conversion rate.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><font style="font-size: 10pt;"><u>Common stock:</u></font></font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-style: italic; color: rgb(0, 0, 0);"><font style="font-size: 10pt;"><u>Preferred stock:</u></font></font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">In the first quarter 2017, the board established two series of preferred stock: Series C Preferred Stock and Series D Preferred Stock, the terms of which are detailed in
        Current Reports on Form 6-K dated January 30, 2017 and March 24, 2017, respectively. &#160;As of March 31, 2019, no shares of Series C Preferred Stock or Series D Preferred Stock were outstanding. &#160; Terms and rights of any other preferred shares will be
        established by the board when or if such shares would be issued. &#160;</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>Stock repurchase</u></font></font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">In March 2019, the Company purchased 725,298 of its own shares in the open market for an aggregate consideration of $3.2 million, at an average price of $4.47 per share.
        As per March 31, 2019 a total of 1,953,738 shares repurchased in the fourth quarter of 2018 and first quarter of 2019 have been retired.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt;"><u>Dividend payment</u></font></font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">Dividend payment as of March 31, 2019:</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zc85a72f85afd4723b52a6b8e4def4c40" border="0" cellpadding="2" cellspacing="0">

        <tr>
          <td style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 40%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Payment date</font></div>
          </td>
          <td colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 4%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="background-color: rgb(36, 64, 98); vertical-align: middle; width: 26%; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Total Payment</font></div>
          </td>
          <td colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 4%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 26%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Per common share</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; vertical-align: bottom; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">February 26, 2019</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: middle; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">7.1 million</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: bottom; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.05</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; vertical-align: bottom; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">Total payment as per March 31, 2019</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: middle; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">7.1 million</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: bottom; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">0.05</font></div>
          </td>
        </tr>

    </table>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;"> <br>
      </font></div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt;">Dividend payment as of December 31, 2018:</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1dc1f0d51ec148d8b47051000ff3ebcc" border="0" cellpadding="2" cellspacing="0">

        <tr>
          <td style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 40%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Payment date</font></div>
          </td>
          <td colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 4%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 26%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Total Payment</font></div>
          </td>
          <td colspan="1" style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 4%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 25.87%; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-weight: bold; color: rgb(255, 255, 255);">Per common share</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">November 23, 2018</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: bottom; font-family: Arial; text-align: center;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">2.9 million</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 25.87%; vertical-align: bottom; font-family: Arial; text-align: center;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.02</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">August 31, 2018</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: bottom; font-family: Arial; text-align: center;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">2.9 million</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 25.87%; vertical-align: bottom; font-family: Arial; text-align: center;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.02</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; vertical-align: bottom; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">May 30, 2018</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: bottom; font-family: Arial; text-align: center;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">2.9 million</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 25.87%; vertical-align: bottom; font-family: Arial; text-align: center;">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.02</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid; vertical-align: bottom; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">February 28, 2018</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: bottom; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">2.9 million</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 25.87%; vertical-align: bottom; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; color: rgb(0, 0, 0);">0.02</font></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid; vertical-align: bottom; width: 40%; font-family: Arial;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">Total payment as per December 31, 2018</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 26%; vertical-align: bottom; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">11.5 million</font></div>
          </td>
          <td colspan="1" style="width: 4%; vertical-align: bottom; font-family: Arial; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">$</font></td>
          <td style="width: 25.87%; vertical-align: bottom; font-family: Arial; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">0.08</font></div>
          </td>
        </tr>

    </table>
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    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;" noshade="noshade"></div>
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    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 8 &#8211; Accounts receivable and accrued revenues</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Accounts receivable and accrued revenues totaling $66.3 million as of March 31, 2019 consists mainly of accounts receivable with no material
        amounts overdue.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 9 - Financial risk management, objectives and policies</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Note 9 in the 2018 annual report on Form 20-F provides for details of financial risk management objectives and policies.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">The Company&#8217;s principal financial liability consists of long-term debt with the main purpose being to partly finance the Company&#8217;s assets and
        operations. The Company&#8217;s financial assets mainly comprise cash. The Company is exposed to market risk, credit risk and liquidity risk. The Company&#8217;s senior management oversees the management of these risks.</font></div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="font-family: Arial;"><br>
    </div>
    <div style="text-align: left; font-family: Arial;"><font style="font-size: 10pt; font-weight: bold;">Note 10 &#8211; Subsequent events</font></div>
    <div style="text-align: justify; font-family: Arial;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">On May 8, 2019 the Board approved a dividend of $0.08 per common share related to the first quarter 2019 to be paid on May 28, 2019 for
        shareholders of record as of May 21, 2019.</font></div>
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  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
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