<SEC-DOCUMENT>0000950157-19-000865.txt : 20190808
<SEC-HEADER>0000950157-19-000865.hdr.sgml : 20190808
<ACCEPTANCE-DATETIME>20190808164517
ACCESSION NUMBER:		0000950157-19-000865
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190805
FILED AS OF DATE:		20190808
DATE AS OF CHANGE:		20190808

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:		191010205

	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>form6-k.htm
<DESCRIPTION>CURRENT REPORT OF FOREIGN ISSUER
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Cravath, Swaine & Moore LLP
         Document created using EDGARfilings PROfile 6.0.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div><br>
    </div>
    <div>
      <hr style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center"></div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">Form 6-K</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Report of Foreign Private Issuer</div>
    <div style="text-align: center; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16 under</div>
    <div style="text-align: center; font-weight: bold;">the Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-weight: bold;">For the month of August 2019</div>
    <div style="text-align: center; font-weight: bold;">Commission File Number 001-32640</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">DHT HOLDINGS, INC.</div>
    <div style="text-align: center;">(Exact name of Registrant as specified in its charter)</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: center;">Clarendon House</div>
    <div style="text-align: center;">2 Church Street, Hamilton HM 11</div>
    <div style="text-align: center;">Bermuda</div>
    <div style="text-align: center;">(Address of principal executive offices)</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div> <br>
    </div>
    <div style="text-align: center;">Form 20-F &#9745; Form 40-F &#9744;</div>
    <div style="text-align: center;"> <br>
    </div>
    <div>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): _____</div>
    <div><br>
    </div>
    <div>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): _____</div>
    <div><br>
    </div>
    <div>
      <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center">
      <div><br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <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>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><u>Press Releases</u></div>
    <div><br>
    </div>
    <div>The press release issued by DHT Holdings, Inc. (the &#8220;Company&#8221;) on August 6, 2019 related to its results for the second quarter of 2019 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</div>
    <div><br>
    </div>
    <div><u>Incorporation by Reference</u></div>
    <div><br>
    </div>
    <div>Exhibit 99.1 to this Report on Form 6-K shall be incorporated by reference into the Company&#8217;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.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <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>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">EXHIBIT LIST</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7b61d04e9d7044f68c34bfc7b24d68b8" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Exhibit</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 88%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>99.1</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Press Release dated August 6, 2019</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <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>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table style="width: 100%; border-collapse: separate; font-family: 'Times New Roman'; font-size: 10pt;" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td rowspan="1" style="width: 50%; padding-bottom: 2px;" valign="top">&#160;</td>
            <td rowspan="1" style="width: 3%; padding-bottom: 2px;" valign="top">&#160;</td>
            <td colspan="2" rowspan="1" style="border-bottom: 2px solid rgb(0, 0, 0);" valign="top">DHT Holdings, Inc.</td>
            <td rowspan="1" style="width: 12%; padding-bottom: 2px;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%;" valign="top">&#160;</td>
            <td rowspan="1" style="width: 3%;" valign="top">&#160;</td>
            <td colspan="2" rowspan="1" valign="top">
              <div style="text-align: left;">(Registrant)</div>
            </td>
            <td rowspan="1" style="width: 12%;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 3%;" valign="top">&#160;</td>
            <td colspan="2" valign="top">&#160;</td>
            <td style="width: 12%;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; padding-bottom: 2px;" align="left" valign="top">
              <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left">Date: August 8, 2019</div>
            </td>
            <td style="width: 3%; padding-bottom: 2px;" valign="top">
              <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left">By: </div>
            </td>
            <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0);" align="left" valign="top">/s/ Laila C. Halvorsen</td>
            <td style="width: 12%; padding-bottom: 2px;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 3%;" valign="top">&#160;</td>
            <td style="width: 4%;" align="left" valign="bottom">Name:</td>
            <td style="width: 31%;" align="left" valign="bottom">Laila C. Halvorsen</td>
            <td style="width: 12%;" valign="top">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 3%;" valign="top">&#160;</td>
            <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>
          </tr>
          <tr>
            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 3%;" valign="top">&#160;</td>
            <td colspan="2" valign="top">&#160;</td>
            <td style="width: 12%;" valign="top">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
      <br>
      <br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Cravath, Swaine & Moore LLP
         Document created using EDGARfilings PROfile 6.0.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <!--PROfilePageNumberReset%Num%1%%%-->
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div><img src="dht-logo.jpg"> </div>
    <br>
    <div style="text-align: center; font-family: Arial; font-size: 14pt; font-weight: bold;">DHT Holdings, Inc. Second Quarter 2019 Results</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 24.6pt; font-family: Arial;">HAMILTON, BERMUDA, August 6, 2019 &#8211; DHT Holdings, Inc. (NYSE:DHT) (&#8220;DHT&#8221; or the &#8220;Company&#8221;) today announced:</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: Arial; font-weight: bold;">FINANCIAL AND OPERATIONAL HIGHLIGHTS:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zddd59a871b494ac4904649cf8b8864cd" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: middle; width: 24%;">
            <div style="font-family: Arial; font-weight: bold;">USD mill. (except per share)</div>
          </td>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">Q2 2019</div>
          </td>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-left: 2px solid #35988A; border-right: 2px solid; border-top: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">Q1 2019</div>
          </td>
          <td style="background-color: #D8D8D8; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 9.88%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">Q4 2018</div>
          </td>
          <td style="background-color: #D8D8D8; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">Q3 2018</div>
          </td>
          <td style="background-color: #D8D8D8; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">Q2 2018</div>
          </td>
          <td style="background-color: #D8D8D8; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">2018</div>
          </td>
          <td style="background-color: #D8D8D8; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">2017</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Adjusted Net Revenue<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">61.2</div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">85.8</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">85.2</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);">
            <div style="text-align: right; font-family: Arial;">48.2</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);">
            <div style="text-align: right; font-family: Arial;">34.4</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">214.8</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">241.8</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">38.0</div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">64.2</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">61.3</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);">
            <div style="text-align: right; font-family: Arial;">25.1</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);">
            <div style="text-align: right; font-family: Arial;">12.7</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">123.2</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">152.1</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Net Income/(Loss)</div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">(10.5)</div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">17.7</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">12.0</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);">
            <div style="text-align: right; font-family: Arial;">(21.5)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> 3</sup></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);">
            <div style="text-align: right; font-family: Arial;">(28.2)</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">(46.9)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">6.6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">EPS &#8211; basic</div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">(0.07)</div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">0.12</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">0.08</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);">
            <div style="text-align: right; font-family: Arial;">(0.15)</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);">
            <div style="text-align: right; font-family: Arial;">(0.20)</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">(0.33)</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">0.05</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="font-family: Arial;"><font style="color: #000000;">EPS &#8211; diluted</font><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: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">(0.07)</div>
          </td>
          <td style="border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">0.12</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">0.08</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);">
            <div style="text-align: right; font-family: Arial;">(0.15)</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);">
            <div style="text-align: right; font-family: Arial;">(0.20)</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">(0.33)</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">0.05</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Dividend<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></div>
          </td>
          <td style="border-bottom: 2px solid #35988A; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">0.02</div>
          </td>
          <td style="border-bottom: 2px solid; border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">0.08</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">0.05</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);">
            <div style="text-align: right; font-family: Arial;">0.02</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);">
            <div style="text-align: right; font-family: Arial;">0.02</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">0.11</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">0.14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="border-bottom: 2px solid #35988A; border-top: 2px solid #35988A; vertical-align: top; width: 11%;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9.88%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Interest Bearing Debt</div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">904.2</div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">918.9</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">967.3</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);">
            <div style="text-align: right; font-family: Arial;">935.1</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);">
            <div style="text-align: right; font-family: Arial;">856.0</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">967.3</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">786.2</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Cash</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 2px solid #35988A; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">71.0</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 2px solid; border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">69.3</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">94.9</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);">
            <div style="text-align: right; font-family: Arial;">86.6</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);">
            <div style="text-align: right; font-family: Arial;">76.9</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);">
            <div style="text-align: right; font-family: Arial;">94.9</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);">
            <div style="text-align: right; font-family: Arial;">77.3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="border-bottom: 2px solid #35988A; border-top: 2px solid #35988A; vertical-align: top; width: 11%;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9.88%; vertical-align: middle; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Operating days<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup></div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">2,457.0</div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">2,430.0</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">2,629.2</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);">
            <div style="text-align: right; font-family: Arial;">2,549.8</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);">
            <div style="text-align: right; font-family: Arial;">2,373.2</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">9,810.7</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">9,287.9</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Scheduled off hire days</div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">140.7</div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">0.0</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">79.1</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);">
            <div style="text-align: right; font-family: Arial;">0.0</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);">
            <div style="text-align: right; font-family: Arial;">0.0</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">95.2</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">188.5</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Unscheduled off hire days</div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">3.4</div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">12.0</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">2.8</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);">
            <div style="text-align: right; font-family: Arial;">2.7</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);">
            <div style="text-align: right; font-family: Arial;">1.2</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">9.6</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">18.9</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Revenue days<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup></div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">2,312.9</div>
          </td>
          <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">2.418.0</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">2,547.3</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);">
            <div style="text-align: right; font-family: Arial;">2,547.1</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);">
            <div style="text-align: right; font-family: Arial;">2,372.0</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">9,705.9</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">9,080.5</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D8D8D8; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: middle; width: 24%;">
            <div style="color: #000000; font-family: Arial;">Spot Exposure<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup></div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 2px solid #35988A; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 11%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">85.2%</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-right: 2px solid #000000; vertical-align: middle; width: 11%;">
            <div style="text-align: right; font-family: Arial;">83.5%</div>
          </td>
          <td style="width: 9.88%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-family: Arial;">78.8%</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);">
            <div style="text-align: right; font-family: Arial;">72.0%</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);">
            <div style="text-align: right; font-family: Arial;">70.4%</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">73.2%</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);">
            <div style="text-align: right; color: #000000; font-family: Arial;">66.4%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">QUARTERLY HIGHLIGHTS:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze7d0613d5bfe4e21821c03cf36408df6" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; font-family: Arial;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; font-family: Arial;">Adjusted EBITDA for the quarter of $38.0 million. Net loss for the quarter of $10.5 million or loss of $0.07 per basic share. Adjusted for a non-cash change in fair value related to interest
              rate derivatives of $7.0 million, net loss would be $3.5 million, equivalent to loss of $0.02 per basic share.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 96%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; font-family: Arial;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: Arial;">The Company&#8217;s VLCCs achieved time charter equivalent earnings of $26,400 per day in the second quarter of 2019 of which the Company&#8217;s VLCCs on time-charter earned $27,500 per
              day and the Company&#8217;s VLCCs operating in the spot market achieved $26,200 per day.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 96%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; font-family: Arial;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; font-family: Arial;">Thus far in the third quarter of 2019, 65% of the available VLCC spot days have been booked at an average rate of $21,100 per day.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 96%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="font-family: Arial;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="font-family: Arial;">The Company was fitting scrubbers on four ships during the quarter, of which one was done in connection with its third special survey and drydock. Out of the scheduled off hire days in the quarter, 131 days were
              related to the scrubber project.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 96%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="font-family: Arial;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="font-family: Arial;">For the second quarter of 2019, the Company will return $2.8 million to shareholders in the form of a cash dividend of $0.02 per share, payable on August 29, 2019 to shareholders of record as of August 22, 2019.</div>
          </td>
        </tr>

    </table>
    <div><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-size: 8pt; font-weight: normal; font-style: normal;">1</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>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zca5b20fefd9241bc939f4f2c123efafe" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 5.74%; vertical-align: top;">
            <div style="font-family: Arial;">&#9679;</div>
          </td>
          <td style="width: 94.26%; vertical-align: top;">
            <div style="font-family: Arial;">As of August 6, 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: <font style="color: #0000FF;"><u>http://dhtankers.com/index.php?name=About_DHT%2FFleet.html</u>.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 4.25pt; font-family: Arial;"><u>Footnotes:</u></div>
    <div style="color: #000000; font-family: Arial; font-style: italic;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>Shipping Revenues net of voyage expenses.</div>
    <div style="color: #000000; font-family: Arial; font-style: italic;"><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.</div>
    <div style="color: #000000; font-family: Arial; font-style: italic;"><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.</div>
    <div style="color: #000000; font-family: Arial; font-style: italic;"><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.</div>
    <div style="color: #000000; font-family: Arial; font-style: italic;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup>Per common share.</div>
    <div style="color: #000000; font-family: Arial; font-style: italic;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>Operating days are the aggregate number of calendar days in the period in which our vessels are owned
      by us or chartered by us.</div>
    <div style="color: #000000; font-family: Arial; font-style: italic;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>Revenue days are the aggregate number of calendar days in the period in which our vessels are owned
      by us or chartered by us less days on which a vessel is off-hire.</div>
    <div style="color: #000000; font-family: Arial; font-style: italic;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8 </sup>As % of total operating days in period.</div>
    <div><br>
    </div>
    <div><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-size: 8pt; font-weight: normal; font-style: normal;">2</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>
    <!--PROfilePageNumberReset%Num%3%%%--></div>
  <br>
  <div style="color: #000000; font-family: Arial; font-weight: bold;"><u>SECOND QUARTER 2019 FINANCIALS</u></div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">We reported shipping revenues for the second quarter of 2019 of $106.2 million compared to shipping revenues of $67.2 million in the second quarter of 2018.</font>&#160;<font style="color: #000000;">The increase from the 2018 period to the 2019 period includes $40.6 million attributable to higher tanker rates offset by $1.7 million attributable to change in total revenue days. The decrease in total revenue days was a
      result of more scheduled off hire in connection with our scrubber retrofit project.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Voyage expenses for the second quarter of 2019 were $45.0 million, compared to voyage expenses of $32.8 million in the second quarter of 2018.&#160;The increase was mainly due to a $9.0
    million increase in bunker expenses as a result of more vessels operating in the spot market and a 4% increase in total operating days. The increase in operating days is mainly due to the deliveries of the newbuildings DHT Colt, DHT Stallion, DHT
    Bronco and DHT Mustang during second, third and fourth quarter of 2018, offset by the sale of the two Aframaxes DHT Cathy and DHT Sophie in December 2018.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Vessel operating expenses for the second quarter of 2019 were $19.1 million, compared to $17.7 million in the second quarter of 2018. The increase was mainly due to a 4% increase in
    total operating days.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Depreciation and amortization, including depreciation of capitalized survey expenses, was $27.7 million for the second quarter of 2019, compared to $24.9 million in the second quarter
    of 2018. The increase was mainly due to a 4% increase in total operating days.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">General &amp; administrative expense (&#8220;G&amp;A&#8221;) for the second quarter of 2019 was $4.0 million, consisting of $3.1 million cash and $0.9 million non-cash charges, compared to $4.0
    million in the second quarter of 2018, consisting of $3.4 million cash and $0.6 million non-cash charges. Non-cash G&amp;A includes accrual for social security tax.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">Net financial expenses for the second quarter of 2019 were $20.7 million compared to $16.0 million in the second quarter of 2018. The increase was due to non-cash finance
      expense of $7.0 million </font>related to interest rate derivatives<font style="color: #000000;"> together with the effect of $53.5 million of increased borrowings and an increase in three-month LIBOR partially offset by a non-cash finance expense
      of $4.3 million related to upfront fees in connection with the refinancing in April 2018</font>.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">The Company had net loss in the second quarter of 2019 of $10.5 million, or loss of $0.07 per basic share and $0.07 per diluted share, compared to net loss in the second
      quarter of 2018 of $28.2 million, or loss of $0.20 per basic share and $0.20 per diluted share.</font>&#160;<font style="color: #000000;">The change from the 2018 period to the 2019 period was mainly due to higher tanker rates.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">Net cash provided by operating activities for the second quarter of 2019 was $47.6 million compared to net cash provided by operating activities of $12.7 million for the
      second </font>quarter of 2018<font style="color: #000000;">. The increase was mainly due to net loss of $10.5 million in the second quarter 2019 compared to net loss of $28.2 million in the second quarter 2018, $10.8 million change in operating
      assets and liabilities and $6.4 million related to items included in net income not affecting cash flows.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Net cash used in investing activities was $17.8 million in the second quarter of 2019 related to investment in vessels, predominantly retrofitting of exhaust cleaning systems. Net cash
    used in investing activities was $89.1 million in the second quarter of 2018 and was related to investment in vessels under construction.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Net cash used in financing activities for the second quarter of 2019 was $28.1 million comprising $16.7 million related to scheduled repayment of long-term debt and $11.4 million
    related to cash dividend paid. Net cash provided by financing activities for the second quarter of 2018 was $83.6 million comprising $472.0 million related to issuance of debt offset by $377.9 million related to repayment of long term debt in
    connection with refinancing, $7.6 million related to scheduled repayment of long term debt and $2.9 million related to cash dividend paid.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">As of June 30, 2019, our cash balance was $71.0 million, compared to $94.9 million as of December 31, 2018.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">We declared a cash dividend of $0.02 per common share for the second quarter of 2019 </font>payable on August 29, 2019 for shareholders of record as of August 22, 2019.</div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">3</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>
  <br>
  <div style="text-align: justify; color: #000000; font-family: Arial;">We monitor our covenant compliance on an ongoing basis. As of the date of our most recent compliance certificates submitted for the second quarter of 2019, we are in compliance with
    our financial covenants.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">As of June 30</font><font style="color: #000000;">, 2019</font><font style="background-color: #FFFFFF;">, we had </font>142,418,941 <font style="background-color: #FFFFFF;">shares of our common stock outstanding compared to </font>143,592,543<font style="background-color: #FFFFFF;"> as of June 30</font><font style="color: #000000;">, 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-right: 4.25pt; font-family: Arial; font-weight: bold;"><u>FIRST HALF 2019 FINANCIALS</u></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">We reported shipping revenues for the first half of 2019 of $238.5 million compared to $147.1 million in the first half of 2018.&#160;The increase from the 2018 period to the 2019 period
    includes $87.5 million attributable to higher tanker rates and $3.8 million attributable to increased total revenue days.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Voyage expenses for the first half of 2019 were $91.5 million compared to voyage expenses of $66.5 million in the first half of 2018.&#160;The increase was mainly due to a $23.5 million
    increase in bunker expenses as a result of more vessels operating in the spot market and a 6% increase in total operating days. The increase in operating days is mainly due to the deliveries of the newbuildings DHT Colt, DHT Stallion, DHT Bronco and
    DHT Mustang during second, third and fourth quarter of 2018, offset by the sale of the two Aframaxes DHT Cathy and DHT Sophie in December 2018.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Vessel operating expenses for the first half of 2019 were $37.1 million, compared to $35.0 million in the first half of 2018. The increase was mainly due to a 6% increase in total
    operating days.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Depreciation and amortization, including depreciation of capitalized survey expenses, was $55.3 million for the first half of 2019, compared to $48.5 million in the first half of 2018.
    The increase was due to a 6% increase in total operating days.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">G&amp;A for the first half of 2019 was $7.7 million, consisting of $6.5 million cash and $1.2 million non-cash, compared to $8.9 million, consisting of $7.1 million cash and $1.8
    million non-cash for the first half of 2018.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">Net financial expenses for the first half of 2019 were $39.6 million, compared to $25.5 million in the first half of 2018. The increase is mainly due to non-cash finance
      expense of $11.3 million </font>related to interest rate derivatives<font style="color: #000000;"> together with the effect of $53.5 million of increased borrowings and an increase in three-month LIBOR partially offset by a non-cash finance expense
      of $4.3 million related to upfront fees in connection with the refinancing in April 2018</font>.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">We had net income for the first half of 2019 of $7.2 million, or gain of $0.05 per basic share and $0.05 per diluted share compared to net loss of $37.4 million, or loss
      of $0.26 per basic share and $0.26 per diluted share in the first half of 2018. </font>The difference between the two periods mainly reflects higher tanker rates.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">Net cash provided by operating activities for the first half of 2019 was $84.3 million compared to</font> $<font style="color: #000000;">30.0 </font>million for the
    first half of 2018<font style="color: #000000;">. The increase was mainly due to net income of $7.2 million in the first half of 2019 compared to net loss of $37.4 million in the first half of 2018, $14.4 million related to items included in net income
      not affecting cash flows offset by a $4.8 million change in operating assets and liabilities.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Net cash used in investing activities for the first half of 2019 was $19.3 million related to investment in vessels, predominantly retrofitting of exhaust cleaning systems. Net cash
    used in investing activities for the first half of 2018 was $87.6 million comprising $106.6 million related to investment in vessels under construction and $1.7 million related to investment in vessels offset by $20.7 million related to the sale of DHT
    Utik.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Net cash used in financing activities for the first half of 2019 was $89.0 million comprising $35.0 million related to prepayment of long-term debt, $32.1 million related to scheduled
    repayment of long-term debt, $18.5 million related to cash dividend paid and $3.2 million related to repurchase of shares. Net cash provided by financing activities for the first half of 2018 was $57.2 million comprising $472.0 million related to
    issuance of debt offset by $377.9 million related to repayment of long-term debt in connection with refinancing, $22.4 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 $5.7 million related to cash dividend paid.</div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">4</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>
  <br>
  <div style="text-align: justify; color: #000000; font-family: Arial;">As of June 30, 2019, our cash balance was $71.0 million, compared to $94.9 million as of December 31, 2018.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">As of June 30</font><font style="color: #000000;">, 2019</font><font style="background-color: #FFFFFF;">, we had </font>142,418,941 <font style="background-color: #FFFFFF;">shares of our common stock outstanding compared to </font>143,592,543 <font style="background-color: #FFFFFF;">as of June 30</font><font style="color: #000000;">, 2018.</font></div>
  <div><br>
  </div>
  <div style="color: #000000; font-family: Arial; font-weight: bold;"><u>RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</u></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf1d083c2252449d58e47fcc07648acb9" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="background-color: #244062; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid; vertical-align: top; width: 37.13%;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">USD in thousands except per share</div>
        </td>
        <td style="background-color: #244062; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q2 2019</div>
        </td>
        <td style="background-color: #244062; border-left: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q1 2019</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q4 2018</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q3 2018</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q2 2018</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">2018</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #244062; border-right: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">2017</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Reconciliation of Adjusted Net Revenue</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">&#160;</td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">&#160;</td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">&#160;</td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Shipping revenues</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">106,188</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">132,305</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">138,620</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">90,177</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">67,233</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">375,941</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">355,052</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Voyage expenses</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(45,021)</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(46,492)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(53,389)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(41,983)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(32,798)</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(161,891)</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(113,301)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Adjusted Net Revenue</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">61,168</div>
        </td>
        <td style="background-color: #FFFFFF; border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">85,812</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">85,231</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">48,194</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">34,435</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">214,050</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">241,751</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 37.13%;">&#160;</td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 9.06%;">&#160;</td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 9.04%;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Reconciliation of Adjusted EBITDA</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">&#160;</td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">&#160;</td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">&#160;</td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Net income/(loss) after tax</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(10,513)</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">17,723</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">11,983</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(21,475)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(28,222)</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(46,927)</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">6,602</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Income tax expense/(income)</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">61</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">36</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(16)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">40</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">40</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">83</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">131</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Other financial (income)/expenses</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">400</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">378</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">579</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">3,850</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">606</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,943</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(443)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Fair value (gain)/loss on derivative financial instruments</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">6,979</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,364</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">6,222</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(486)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(187)</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">5,191</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(2,154)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Interest expense</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">13,961</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">14,548</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">14,784</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">13,300</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">15,883</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">54,211</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">40,109</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Interest income</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(444)</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(163)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(120)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(73)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(80)</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(345)</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(140)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Share of profit from associated companies</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(162)</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(265)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(217)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(189)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(194)</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(858)</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(802)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">(Profit)/loss, sale of vessel</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(122)</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(75)</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">3,540</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Impairment charges</div>
        </td>
        <td style="border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="background-color: #FFFFFF; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">3,500</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">3,500</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">8,540</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #35988A; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Depreciation and amortization</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">27,713</div>
        </td>
        <td style="background-color: #FFFFFF; border-bottom: 2px solid #000000; border-left: 2px solid #35988A; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">27,552</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">28,251</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">26,682</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">24,869</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">103,476</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">96,758</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 37.13%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Adjusted EBITDA</div>
        </td>
        <td style="border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 9.06%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">37,994</div>
        </td>
        <td style="background-color: #FFFFFF; border-bottom: 2px solid #000000; border-left: 2px solid #35988A; border-top: 2px solid #000000; vertical-align: top; width: 9.04%;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">64,172</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">61,343</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">25,149</div>
        </td>
        <td style="width: 9.02%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">12,716</div>
        </td>
        <td style="width: 8.86%; vertical-align: top; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">123,198</div>
        </td>
        <td style="width: 8.84%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">152,141</div>
        </td>
      </tr>

  </table>
  <br>
  <div style="color: #000000; font-family: Arial; font-weight: bold;">EARNINGS CONFERENCE CALL AND WEBCAST INFORMATION</div>
  <div style="font-family: Arial;"><font style="color: #000000;">The company will host a conference call </font>and webcast which will include a slide presentation<font style="color: #000000;"> at 8:00 a.m. EST/14:00 CET on Wednesday August 7, 2019</font><font style="font-weight: bold; color: #000000;">&#160;</font><font style="color: #000000;">to discuss the results for the quarter.</font></div>
  <div><br>
  </div>
  <div style="font-family: Arial;">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="color: #000000;">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;3517249&#8221;.</div>
  <div><br>
  </div>
  <div style="font-family: Arial;">The webcast which will include a slide presentation will be available on the following link:</div>
  <div style="font-family: Arial;"><font style="color: #0000FF;"><u>https://edge.media-server.com/mmc/p/6gfz5wgo</u></font> and can also be accessed in the Investor Relations section on DHT&#8217;s <font style="color: #0000FF;"><u>website at
        http://www.dhtankers.com</u></font><font style="color: #000000;">.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">An audio replay of the conference call will be available through August 14, 2019.</div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">To access the replay, dial 1&#160;917&#160;677 7532</font>&#160;<font style="color: #000000;">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;3517249&#8221;<font style="color: #000000;"> as the pass code.</font></div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">5</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>
  <br>
  <div style="color: #000000; font-family: Arial; font-weight: bold;">ABOUT DHT HOLDINGS, INC.</div>
  <div><br>
  </div>
  <div style="font-family: Arial;"><font style="color: #000000;">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 Monaco, Singapore and Oslo, Norway.&#160;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="color: #000000;">&#160; For further information: </font><font style="color: #0000FF;"><u>www.dhtankers.com</u></font><font style="color: #000000;">.</font></div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">FORWARD LOOKING STATEMENTS</div>
  <div><br>
  </div>
  <div style="font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="color: #000000; font-family: Arial;">CONTACT:</div>
  <div style="color: #000000; font-family: Arial;">Laila C. Halvorsen, CFO</div>
  <div style="color: #000000; font-family: Arial;">Phone: +1 441&#160;295 1422 and +47 984 39 935</div>
  <div style="font-family: Arial;"><font style="color: #000000;">E-mail:</font><font style="color: #0000FF;">&#160;</font><font style="color: #0000FF;"><u>lch@dhtankers.com</u></font></div>
  <div><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-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>
  <div><br>
  </div>
  <br>
  <div style="text-align: center; font-family: Arial; font-size: 18pt; font-weight: bold;">DHT HOLDINGS, INC.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-weight: bold;">UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-weight: bold;">AS OF JUNE 30, 2019</div>
  <div><br>
  </div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">7</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>
  <br>
  <div style="text-align: center; font-family: Arial; font-weight: bold;"><u>CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)</u></div>
  <div style="text-align: center; font-family: Arial;">($ in thousands)</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4828cd2961dc4a069ba5b4fd7b7bd05a" border="0" cellpadding="2" cellspacing="0">

      <tr>
        <td style="width: 39.46%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-top: 2px solid rgb(0, 0, 0); font-weight: bold;">
          <div style="text-align: center; color: rgb(255, 255, 255); font-family: Arial; font-size: 8pt;">Note</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: rgb(255, 255, 255); font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">June 30, 2019</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: rgb(255, 255, 255); font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">December 31, 2018</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">ASSETS</div>
        </td>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 6.71%;">&#160;</td>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 4.3%;">&#160;</td>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 22.6%;">&#160;</td>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 4.3%;">&#160;</td>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; border-right: 2px solid #000000; vertical-align: bottom; width: 22.62%;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Current assets</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Cash and cash equivalents</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">70,978</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">94,944</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Accounts receivable and accrued revenues</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">42,343</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">60,196</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Capitalized voyage expenses</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">2,734</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,633</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Prepaid expenses</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">3,664</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,338</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Bunkers, lube oils and consumables</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">37,558</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">32,212</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total current assets</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">157,277</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">193,323</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Non-current assets</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Vessels and time charter contracts</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">5</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,613,755</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,665,810</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Advances for vessel upgrades</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">5</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">15,250</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Other property, plant and equipment</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,644</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">335</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Investment in associated company</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,837</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,388</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total non-current assets</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,635,486</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,670,533</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #D9D9D9; border-bottom: #000000; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 39.46%; vertical-align: bottom; background-color: #D9D9D9; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">TOTAL ASSETS</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,792,763</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,863,856</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">LIABILITIES AND STOCKHOLDERS' EQUITY</div>
        </td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 6.71%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 4.3%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 22.6%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 4.3%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; border-right: 2px solid #000000; vertical-align: bottom; width: 22.62%;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Current liabilities</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Accounts payable and accrued expenses</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">20,879</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">28,634</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Derivative financial liabilities</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,150</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,250</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Current portion long-term debt</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">96,993</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">93,815</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Other current liabilities</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">276</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total current liabilities</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">122,297</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">123,699</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Non-current liabilities</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Long-term debt</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">807,208</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">873,460</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Derivative financial liabilities</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">12,930</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,486</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Other non-current liabilities</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,737</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">542</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total non-current liabilities</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">821,874</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">878,489</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">TOTAL LIABILITIES</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">944,171</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,002,188</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Stockholders' equity</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Stock</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">6</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,424</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,427</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Additional paid-in capital</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">6</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,143,100</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,145,107</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Treasury shares</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(1,364)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Accumulated deficit</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(296,670)</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(285,383)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Translation differences</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">52</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">32</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Other reserves</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">685</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,848</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total stockholders' equity</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">848,591</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">861,668</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 39.46%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</div>
        </td>
        <td style="width: 6.71%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 22.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,792,763</div>
        </td>
        <td style="width: 4.3%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 22.62%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,863,856</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>
  <div><br>
  </div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">8</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>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-weight: bold;"><u>CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)</u></div>
  <div style="text-align: center; font-family: Arial;">($ in thousands except per share amounts)</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z330a82ad55fa46bb9554f9ce6d4db75e" border="0" cellpadding="2" cellspacing="0">

      <tr>
        <td style="width: 38.11%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q2 2019</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q2 2018</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">1H 2019</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">1H 2018</div>
        </td>
      </tr>
      <tr>
        <td style="width: 38.11%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Note</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Apr. 1 - Jun. 30, 2019</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Apr. 1 - Jun. 30, 2018</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Jan. 1 - Jun. 30, 2019</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Jan. 1 - Jun. 30, 2018</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Shipping revenues</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">106,188</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">67,233</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">238,493</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">147,144</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Operating expenses</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Voyage expenses</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(45,021)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(32,798)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(91,513)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(66,519)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Vessel operating&#160; expenses</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(19,147)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(17,744)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(37,068)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(34,982)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Depreciation and amortization</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">5</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(27,713)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(24,869)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(55,265)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(48,544)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Profit /( loss), sale of vessel</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 13.54%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(46)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">General and administrative expense</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(4,026)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(3,975)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(7,746)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(8,938)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total operating expenses</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(95,907)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(79,386)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(191,592)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(159,028)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Operating income/(loss)</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">10,281</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(12,153)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">46,901</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(11,884)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Share of profit from associated companies</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">162</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">194</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">427</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">452</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Interest income</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">444</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">80</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">607</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">151</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Interest expense</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(13,961)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(15,883)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(28,508)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(26,127)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Fair value gain/(loss) on derivative financial instruments</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(6,979)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">187</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(11,343)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">545</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Other financial income/(expenses)</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(400)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(606)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(778)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(514)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Profit/(loss) before tax</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(10,453)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(28,182)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">7,305</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(37,377)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Income tax expense</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(61)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(40)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(96)</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(58)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Net income/(loss) after tax</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">(10,513)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">(28,222)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">7,209</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">(37,435)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Attributable to the owners of parent</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(10,513)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(28,222)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">7,209</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(37,435)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Basic net income/(loss) per share</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(0.07)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(0.20)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">0.05</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(0.26)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Diluted net income/(loss) per share</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(0.07)</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(0.20)</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">0.05</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(0.26)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Weighted average number of shares (basic)</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">142,138,112</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">143,574,741</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">142,311,741</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">143,311,076</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.11%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Weighted average number of shares (diluted)</div>
        </td>
        <td style="width: 5.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">142,249,757</div>
        </td>
        <td style="width: 13.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">143,575,685</div>
        </td>
        <td style="width: 2.78%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">142,369,835</div>
        </td>
        <td style="width: 11.96%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">143,311,076</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</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-size: 8pt; font-weight: normal; font-style: normal;">9</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>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-weight: bold;"><u>CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)</u></div>
  <div style="text-align: center; font-family: Arial;">($ in thousands except per share amounts)</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3803df411ccd4970b4d83c8936dcb429" border="0" cellpadding="2" cellspacing="0">

      <tr>
        <td style="width: 38.03%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q2 2019</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q2 2018</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">1H 2019</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">1H 2018</div>
        </td>
      </tr>
      <tr>
        <td style="width: 38.03%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Note</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Apr. 1 - Jun. 30, 2019</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Apr. 1 - Jun. 30, 2018</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Jan. 1 - Jun. 30, 2019</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Jan. 1 - Jun. 30, 2018</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Profit/(loss) for the period</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(10,513)</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(28,222)</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">7,209</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(37,435)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">Other comprehensive income:</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">Items that will not be reclassified to income statement:</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Remeasurement of defined benefit obligation (loss)</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 13.5%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 11.88%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Total</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 13.72%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 13.5%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 12.38%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 11.88%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">Items that may be reclassified to income statement:</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Exchange gain (loss) on translation of foreign currency</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">lease asset/liability</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(1)</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(1)</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Exchange gain (loss) on translation of foreign currency</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">denominated associate</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">7</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(98)</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">21</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(54)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Total</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">6</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(98)</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">20</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(54)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Other comprehensive income</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">6</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(98)</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">20</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(54)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total comprehensive income for the period</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(10,507)</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(28,321)</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">7,230</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(37,490)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.03%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Attributable to the owners of parent</div>
        </td>
        <td style="width: 5.02%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.72%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(10,507)</div>
        </td>
        <td style="width: 13.5%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(28,321)</div>
        </td>
        <td style="width: 2.74%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 12.38%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">7,230</div>
        </td>
        <td style="width: 11.88%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(37,490)</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">10</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>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-weight: bold;"><u>CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED</u>)</div>
  <div style="text-align: center; font-family: Arial;">($ in thousands)</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z84ca6708bc9b44cca86e6e3aa74d8a54" border="0" cellpadding="1" cellspacing="0">

      <tr>
        <td style="width: 38.09%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q2 2019</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q2 2018</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">1H 2019</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">1H 2018</div>
        </td>
      </tr>
      <tr>
        <td style="width: 38.09%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-left: 2px solid rgb(0, 0, 0);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Note</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 13.12%;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Apr. 1 - Jun. 30, 2019</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="background-color: rgb(36, 64, 98); vertical-align: bottom; width: 12.2%;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Apr. 1 - Jun. 30, 2018</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Jan. 1 - Jun 30, 2019</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-right: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Jan. 1 - Jun 30, 2018</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">CASH FLOW FROM OPERATING ACTIVITIES</div>
        </td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 4.23%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 3.47%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 13.12%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12.2%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 11.78%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; border-right: 2px solid #000000; vertical-align: bottom; width: 11.07%;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Net income / (loss)</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">(10,513)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">(28,222)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">7,209</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">(37,435)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Items included in net income not affecting cash flows</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">37,445</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">31,000</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">71,639</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">57,224</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Depreciation</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">5</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">27,713</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">24,869</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">55,265</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">48,544</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Amortization of debt issuance costs</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">2,014</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">5,943</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">4,020</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">7,671</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;(Profit) / loss, sale of vessel</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">46</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Fair value (gain) / loss on derivative financial instruments</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">6,979</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(187)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">11,343</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(545)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Compensation related to options and restricted stock</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">901</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">567</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">1,439</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">1,961</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: medium none #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Share of profit in associated companies</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(162)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(194)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(427)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(452)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Income adjusted for non-cash items</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">26,932</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">2,778</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">78,849</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">19,789</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: medium none #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Changes in operating assets and liabilities</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">20,717</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">9,879</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">5,484</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">10,243</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Accounts receivable and accrued revenues</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">8</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">23,944</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">5,910</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">17,854</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">5,399</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Capitalized voyage expenses</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">1,356</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(1,280)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(1,101)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(683)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Prepaid expenses</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">6,802</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(14)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">674</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(2,321)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Accounts payable and accrued expenses</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(7,325)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">8,552</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(6,666)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">9,459</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Deferred shipping revenues</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">1,354</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">1,354</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Bunkers, lube oils and consumables</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(4,087)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(4,599)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(5,347)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(2,926)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: medium none #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;&#160;&#160;&#160;Pension liability</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">28</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(45)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">71</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-style: italic;">(38)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Net cash provided by operating activities</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">47,648</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">12,657</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">84,333</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">30,032</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: medium none #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">CASH FLOW FROM INVESTING ACTIVITIES</div>
        </td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 4.23%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 3.47%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 13.12%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12.2%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 11.78%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; border-right: 2px solid #000000; vertical-align: bottom; width: 11.07%;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Investment in vessels</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(17,834)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">6</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(19,334)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(1,709)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Investment in vessels under construction</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(89,082)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(106,561)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Sale of vessels</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">20,715</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: medium none #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Investment in property, plant and equipment</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(7)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(16)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(12)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(85)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Net cash used in investing activities</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(17,842)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(89,092)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(19,347)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(87,640)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: medium none #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #35988A; border-bottom: 1px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">CASH FLOW FROM FINANCING ACTIVITIES</div>
        </td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 4.23%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 3.47%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 13.12%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 12.2%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 11.78%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; vertical-align: bottom; width: 2.01%;">&#160;</td>
        <td style="background-color: #359B8A; border-bottom: 1px solid #000000; border-right: 2px solid #000000; vertical-align: bottom; width: 11.07%;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Cash dividends paid</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(11,365)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(2,871)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(18,496)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(5,743)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Repayment of lease liability</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(57)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(113)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Issuance of long term debt</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">471,991</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(1)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">471,991</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Purchase of treasury shares</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(3,248)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Issuance of convertible bonds</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">6</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(7)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(7)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: top; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Scheduled repayment of long-term debt</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(16,694)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(7,584)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(32,088)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(22,408)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Prepayment of long-term debt</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(35,000)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Repayment of long-term debt refinancing</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(377,935)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(377,935)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: medium none #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Repayment of long-term debt, sale of vessels</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">4</div>
        </td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: top; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(8,663)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Net cash (used in)/provided by financing activities</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(28,122)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">83,601</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(88,952)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">57,242</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: medium none #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Net increase/(decrease) in cash and cash equivalents</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,685</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">7,166</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(23,966)</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(365)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: medium none #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Cash and cash equivalents at beginning of period</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">69,293</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">69,761</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">94,944</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">77,292</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Cash and cash equivalents at end of period</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">70,978</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">76,927</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">70,978</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">76,927</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; border-top: medium none #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Specification of items included in operating activities:</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Interest paid</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">11,706</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">9,275</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">25,774</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">15,993</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 38.09%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Interest received</div>
        </td>
        <td style="width: 4.23%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 3.47%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 13.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">444</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 12.2%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">80</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 11.78%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">607</div>
        </td>
        <td style="width: 2.01%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 11.07%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">151</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">11</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>
  <br>
  <div style="text-align: center; font-family: Arial; font-weight: bold;"><u>SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; EQUITY (UNAUDITED)</u></div>
  <div style="text-align: center; font-family: Arial;">($ in thousands except shares)</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8193c264b13248fcafe3fce7987965a5" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 34.56%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Paid-in</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #244062; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34.56%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #244062;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Additional</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Treasury</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Retained</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Translation</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Other</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #244062;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Total</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34.56%; vertical-align: bottom; background-color: #244062; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Note</div>
        </td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Shares</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Stock</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Capital</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Shares</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Earnings</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Differences</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Reserves</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #244062; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Equity</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Balance at January 1, 2018, as previously reported</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">142,417,407</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,424</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,140,794</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(222,087)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">85</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">5,676</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">925,892</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Impact of change in accounting policy</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(4,734)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(4,734)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Adjusted balance at January 1, 2018</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">142,417,407</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">1,424</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">1,140,794</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">(226,821)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">85</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">5,676</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">921,158</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Net income/(loss) after tax</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(37,435)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(37,435)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Other comprehensive income</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(54)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(54)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Total comprehensive income</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(37,435)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(54)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">(37,490)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Cash dividends declared and paid</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(5,743)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(5,743)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="font-family: Arial; font-size: 8pt;">Compensation related to options and restricted stock</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,175,136</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">12</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">6,414</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(4,465)</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,961</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Balance at June 30, 2018</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">143,592,543</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,436</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,147,208</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 8pt; font-weight: bold;">&#8722;</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(269,999)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">31</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,211</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">879,886</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34.56%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.56%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Balance at January 1, 2019</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">142,700,046</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,427</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,145,107</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(1,364)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(285,383)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">32</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,848</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">861,668</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Net income/(loss) after tax</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">7,209</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">7,209</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Other comprehensive income</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">20</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">20</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Total comprehensive income</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">7,209</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">20</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">7,230</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Cash dividends declared and paid</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(18,496)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(18,496)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Purchase of treasury shares</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(3,248)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(3,248)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Retirement of treasury shares</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(1,061,241)</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(11)</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(4,602)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,612</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="font-family: Arial; font-size: 8pt;">Compensation related to options and restricted stock</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">780,136</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">8</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">2,594</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(1,163)</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,439</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 34.56%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Balance at June 30, 2019</div>
        </td>
        <td style="width: 2.97%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 8.41%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">142,418,941</div>
        </td>
        <td style="width: 1.57%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 3.78%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,424</div>
        </td>
        <td style="width: 1.39%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 7.17%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,143,100</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 5.98%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 8pt; font-weight: bold;">&#8722;</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 6.49%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">(296,670)</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 7.83%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">52</div>
        </td>
        <td style="width: 1.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 6.12%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">685</div>
        </td>
        <td style="width: 1.61%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 5.72%; vertical-align: bottom; background-color: #FFFFFF; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">848,591</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">12</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>
  <br>
  <div style="text-align: center; font-family: Arial; font-weight: bold;"><u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u></div>
  <div style="text-align: center; font-family: Arial; font-weight: bold;"><u>FOR THE PERIOD ENDED JUNE 30, 2019</u></div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 1 &#8211; General information</div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">The financial statements were approved by the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) on August 6, 2019 and authorized for issue on August 6, 2019.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 2 &#8211; General accounting principles</div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">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;).</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">These interim condensed consolidated financial statements have been prepared on a going concern basis.</div>
  <div><br>
  </div>
  <div style="color: #000000; font-family: Arial; font-style: italic;"><u>Application of new and revised International Financial Reporting Standards (&#8220;IFRSs&#8221;)</u></div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">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:</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2c450bb1183d4f438700174b28cf792b" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 2.86%; vertical-align: top;">&#160;</td>
        <td style="width: 3.83%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">&#9675;</div>
        </td>
        <td style="width: 93.32%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">IFRS 16 Leases</div>
        </td>
      </tr>
      <tr>
        <td style="width: 2.86%; vertical-align: top;">&#160;</td>
        <td style="width: 3.83%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">&#9675;</div>
        </td>
        <td style="width: 93.32%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">Amendments to IFRS 9 Prepayment Features with Negative Compensation</div>
        </td>
      </tr>
      <tr>
        <td style="width: 2.86%; vertical-align: top;">&#160;</td>
        <td style="width: 3.83%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">&#9675;</div>
        </td>
        <td style="width: 93.32%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures</div>
        </td>
      </tr>
      <tr>
        <td style="width: 2.86%; vertical-align: top;">&#160;</td>
        <td style="width: 3.83%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">&#9675;</div>
        </td>
        <td style="width: 93.32%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">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</div>
        </td>
      </tr>
      <tr>
        <td style="width: 2.86%; vertical-align: top;">&#160;</td>
        <td style="width: 3.83%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">&#9675;</div>
        </td>
        <td style="width: 93.32%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">Amendments to IAS 19 Employee Benefits, Plan Amendments, Curtailments or Settlements</div>
        </td>
      </tr>
      <tr>
        <td style="width: 2.86%; vertical-align: top;">&#160;</td>
        <td style="width: 3.83%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">&#9675;</div>
        </td>
        <td style="width: 93.32%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">IFRS 10 Consolidated Financial Statements and IAS 28 (amendments), Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</div>
        </td>
      </tr>
      <tr>
        <td style="width: 2.86%; vertical-align: top;">&#160;</td>
        <td style="width: 3.83%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">&#9675;</div>
        </td>
        <td style="width: 93.32%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial;">IFRIC 23 Uncertainty over Income Tax Treatments</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;"><u>Adoption of IFRS 16 </u><font style="font-style: italic;"><u>Leases</u></font></div>
  <div style="color: #000000; font-family: Arial;">Effective from January 1, 2019, we adopted the new accounting standard IFRS 16<font style="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-style: italic;">Leases</font> to IFRS 16 <font style="font-style: italic;">Leases</font> is described in
    further detail in DHT&#8217;s Annual Report on Form 20-F for 2018.</div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">13</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>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Amounts recognized in our condensed consolidated statement of financial position as of June 30, 2019 after the adoption of IFRS 16 <font style="font-style: italic;">Leases </font>were




    as follows:</div>
  <div><br>
  </div>
  <table style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="za1b118463d2048f19b2b19b8c86862a0" border="0" cellpadding="2" cellspacing="0">

      <tr>
        <td colspan="2" style="vertical-align: bottom; background-color: rgb(36, 64, 98); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Amounts recognized in the consolidated statement of financial position</div>
        </td>
      </tr>
      <tr>
        <td style="width: 75%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-left: 2px solid rgb(0, 0, 0);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-style: italic;">$ in thousands</div>
        </td>
        <td style="width: 25%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-right: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;June 30, 2019</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 75%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Lease liability (Other non-current liabilities)</div>
        </td>
        <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,124</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: bottom; width: 75%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Lease liability (Other current liabilities)</div>
        </td>
        <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">276</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; vertical-align: bottom; width: 75%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Right-of-use asset (Other property, plant and equipment)</div>
        </td>
        <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,386</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 3 &#8211; Segment reporting</div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">As of June 30, 2019, the Company had 27 vessels in operation; 4 vessels were on time charters and 23 vessels operating in the spot market.</div>
  <div><br>
  </div>
  <div style="color: #000000; font-family: Arial; font-style: italic;"><u>Information about major customers:</u></div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">For the period from April 1, 2019 to June 30, 2019 five customers represented $25.6 million, $13.4 million, $10.7 million, $7.5 million and $7.2 million, respectively, of the Company&#8217;s
    revenues. The five customers in aggregate represented $64.4 million, equal to 61 percent of the total revenue of $106.2 million for the period from April 1, 2019 to June 30, 2019.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">For the period from January 1, 2019 to June 30, 2019 five customers represented $46.3 million, $34.2 million, $29.9 million, $17.9 million and $17.2 million, respectively, of the
    Company&#8217;s revenues. The five customers in aggregate represented $145.5 million, equal to 61 percent of the total revenue of $238.5 million for the period from January 1, 2019 to June 30, 2019.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">For the period from April 1, 2018 to June 30, 2018 five customers represented $12.8 million, $9.9 million, $6.5 million, $6.5 million and $3.8 million, respectively, of the Company&#8217;s
    revenues. The five customers in aggregate represented $39.5 million, equal to 59 percent of the total revenue of $67.2 million for the period from April 1, 2018 to June 30, 2018.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">For the period from January 1, 2018 to June 30, 2018 five customers represented $23.6 million, $21.4 million, $11.0 million, $9.8 million and $8.6 million, respectively, of the
    Company&#8217;s revenues. The five customers in aggregate represented $74.4 million, equal to 51 percent of the total revenue of $147.1 million for the period from January 1, 2018 to June 30, 2018.</div>
  <div><br>
  </div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">14</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>
  <!--PROfilePageNumberReset%Num%15%%%-->
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 4 &#8211; Interest bearing debt</div>
  <div style="font-family: Arial;"><font style="color: #000000;">As of June 30, 2019, DHT had interest bearing debt totaling $904.2 million (including the </font>$157.9 million convertible senior notes)<font style="color: #000000;">.</font></div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Scheduled debt repayments (USD thousands) and margin above Libor</div>
  <div><br>
  </div>
  <div>
    <table style="border-bottom: 0px; border-collapse: collapse; border-left: 0px; border-right: 0px; border-top: 0px; width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zcd4fda19ff884a8985c1e8ebd7bb7720" border="0" cellpadding="2" cellspacing="0">

        <tr>
          <td style="width: 41%; vertical-align: bottom; background-color: rgb(23, 54, 93); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Margin</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q3</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Q4</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41%; vertical-align: bottom; background-color: rgb(23, 54, 93); border-left: 2px solid rgb(0, 0, 0);">
            <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">$ in thousands</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">above Libor</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">2021</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Thereafter</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(23, 54, 93);">
            <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(219, 219, 219); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt;">ABN Amro Credit Facility</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">2.40 %</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">8,344</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">8,344</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">33,378</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">33,378</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">369,505</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">452,950</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt;">Credit Agricole Credit Facility</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">2.19 %</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">1,649</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">1,649</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">6,597</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">6,597</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">42,925</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">59,419</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt;">Danish Ship Finance Credit Facility</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">2.25 %</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">-</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">1,300</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">39,000</div>
          </td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">40,300</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt;">Nordea Credit Facility*</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">2.40 %</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">5,400</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">5,400</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">26,600</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">21,600</div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">153,683</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">212,683</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt;">ABN Amro Revolving Credit Facility**</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">2.50 %</div>
          </td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt;">Convertible Senior Notes</div>
          </td>
          <td style="width: 11%; vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">32,860</div>
          </td>
          <td style="width: 8%; vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">125,000</div>
          </td>
          <td style="width: 8%; vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">157,860</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt; font-weight: bold;">Total</div>
          </td>
          <td style="width: 11%; vertical-align: middle; text-align: right; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">15,394</div>
          </td>
          <td style="width: 8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">49,554</div>
          </td>
          <td style="width: 8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">105,575</div>
          </td>
          <td style="width: 8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">186,575</div>
          </td>
          <td style="width: 8%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">566,113</div>
          </td>
          <td style="border-bottom: 2px solid #000000; border-right: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 8%;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">923,211</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-left: 2px solid #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt;">Unamortized upfront fees bank loans</div>
          </td>
          <td style="width: 11%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">(7,935)</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt;">Difference amortized cost/notional amount convertible note</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: Arial; font-size: 8pt;">(11,076)</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-top: #000000; vertical-align: top; width: 41%;">
            <div style="font-family: Arial; font-size: 8pt; font-weight: bold;">Total interest bearing debt</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-weight: bold;">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-weight: bold;">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-weight: bold;">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-weight: bold;">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-weight: bold;">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; font-weight: bold;">&#160;</td>
          <td style="border-bottom: 2px solid #000000; border-right: 2px solid #000000; border-top: #000000; vertical-align: bottom; width: 8%;">
            <div style="text-align: right; font-family: Arial; font-size: 8pt; font-weight: bold;">904,200</div>
          </td>
        </tr>

    </table>
  </div>
  <br>
  <div style="font-family: Arial; font-size: 8pt;">*$80.0 mill. undrawn as of June 30, 2019.</div>
  <div style="font-family: Arial; font-size: 8pt;">**$50.1 mill. available as of June 30, 2019.&#160; Quarterly reduction of $1.3 million.</div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;"><u>Refinancing</u></div>
  <div style="font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;"><u>ABN Amro Credit Facility</u></div>
  <div style="text-align: justify; font-family: Arial;">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.</div>
  <div style="text-align: justify;"><font style="font-family: Arial;"> </font><br>
  </div>
  <div style="text-align: justify; font-family: Arial;">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:</div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z076880b5ea60464e9842fc8e831900ac" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $300 million</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 8pt; 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).</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial; font-weight: bold;"><u>Credit Agricole Credit Facility</u></div>
  <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">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="color: #000000;">. 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:<br>
    <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-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>
  <!--PROfilePageNumberReset%Num%16%%%-->
  <div style="text-align: justify; font-family: Arial;"><br>
    <br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9be13580c36c40f39fccc38842e037f7" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $200 million</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Unencumbered consolidated cash of at least the higher of (i) $20 million and (ii) 6% of our gross interest bearing debt</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-style: italic;"><font style="background-color: #FFFFFF;">*</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).</div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;"><u>Danish Ship Finance Credit Facility</u></div>
  <div style="text-align: justify; font-family: Arial;">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:</div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8af45633efbc4c398d01d4efd8cce221" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $300 million</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-style: italic;"><font style="background-color: #FFFFFF;">*</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).</div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;"><u>Nordea Credit Facility</u></div>
  <div style="text-align: justify; font-family: Arial;">$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:</div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9355e409e9c4426395562c30efbf4aa5" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $300 million</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-style: italic;"><font style="background-color: #FFFFFF;">*</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).</div>
  <div><br>
  </div>
  <div style="font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;"><u>ABN Amro Revolving Credit Facility</u></div>
  <div style="font-family: Arial;">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. In
    June 2019, we entered into an agreement with ABN to amend the repayment profile by reducing the quarterly reductions from $1.8 million to $1.3 million. Other terms and conditions remains the same. 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:<br>
    <div><br>
      <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-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman';">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>
    <br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z06608c4766c341419950fbd4726881fb" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $300 million</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Value adjusted* tangible net worth shall be at least 25% of value adjusted total assets</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.69%; vertical-align: top;">
          <div style="text-align: center; font-family: Arial;">&#9679;</div>
        </td>
        <td style="width: 93.31%; vertical-align: top;">
          <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">Unencumbered consolidated cash of at least the higher of (i) $30 million and (ii) 6% of our gross interest bearing debt</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 8pt; font-style: italic;"><font style="background-color: #FFFFFF;">*</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).</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-weight: bold;"><u>Interest rate swaps</u></div>
  <div style="text-align: justify; font-family: Arial;">As of June 30, 2019, the Company has nine amortizing interest rate swaps totaling $390.7 million with maturity ranging from the second quarter 2023 to the third quarter 2023. The average fixed
    interest rate is 2.95%. As of June 30, 2019, the fair value of the derivative financial liability related to the swaps amounted to $17.1 million.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-weight: bold;"><u>Covenant compliance</u></div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">As of the date of our most recent compliance certificates submitted to the banks, we are in compliance with our financial covenants.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 5 &#8211; Vessels</div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">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 June 30, 2019.</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze304631b2e5c48a5a7ebe2852f172c31" border="0" cellpadding="2" cellspacing="0">

      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Cost of Vessels</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-style: italic;">$ in thousands</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">At January 1, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">2,071,456</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Additions**</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(1,087)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Transferred from vessels upgrades</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">4,083</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Retirement</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">At June 30, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">2,074,452</div>
        </td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Depreciation, impairment and amortization*</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-style: italic;">$ in thousands</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">At January 1, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">405,646</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Depreciation and amortization</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">55,051</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Impairment charges</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Retirement</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">At June 30, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">460,698</div>
        </td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Carrying Amount</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-style: italic;">$ in thousands</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">At January 1, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">1,665,810</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">At June 30, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">1,613,755</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="color: #000000; font-family: Arial; font-size: 8pt;">*Accumulated numbers</div>
  <div style="color: #000000; font-family: Arial; font-size: 8pt;">**Adjustments to capitalized expenses in 2018</div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">17</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>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1d02161d51284e99b1076d0fe47be220" border="0" cellpadding="2" cellspacing="0">

      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Cost of vessel upgrades</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-style: italic;">$ in thousands</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">At January 1, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Additions</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">19,332</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">Transferred to vessels</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">(4,083)</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">At June 30, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">15,250</div>
        </td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Carrying Amount</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 81%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-style: italic;">$ in thousands</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(36, 64, 98);">&#160;</td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">At January 1, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 81%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">At June 30, 2019</div>
        </td>
        <td style="width: 19%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">15,250</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 6 &#8211; Equity and Convertible Bond Offerings</div>
  <div><br>
  </div>
  <div style="margin-right: 2.2pt; color: #000000; font-family: Arial; font-weight: bold;"><u>Convertible Senior Note Offering</u></div>
  <div style="text-align: justify; font-family: Arial;">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 $6.0442 effective May 20,
    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 5,436,617.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial;">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 6.0442 effective May 20, 2019. Based on the adjusted conversion price the total
    number of shares to be issued would be 20,680,983. The 2021 Notes will mature on August 15, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 7 &#8211; Stockholders equity and dividend payment</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z91678ae159774549bf4a66cf197443be" border="0" cellpadding="1" cellspacing="0">

      <tr>
        <td style="width: 56.03%; vertical-align: bottom; background-color: rgb(36, 64, 97); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt;">&#160;</div>
        </td>
        <td style="width: 19.11%; vertical-align: bottom; background-color: rgb(36, 64, 97); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Common stock</div>
        </td>
        <td style="width: 24.76%; vertical-align: bottom; background-color: rgb(36, 64, 97); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Preferred stock</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.03%; vertical-align: bottom;">
          <div style="font-family: Arial; font-size: 8pt;">Issued at June 30, 2019</div>
        </td>
        <td style="width: 19.11%; vertical-align: middle;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">142,418,941</div>
        </td>
        <td style="width: 24.76%; vertical-align: middle;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">&#8722;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.03%; vertical-align: bottom;">
          <div style="font-family: Arial; font-size: 8pt;">Shares to be issued assuming conversion of</div>
        </td>
        <td style="width: 19.11%; vertical-align: middle;">&#160;</td>
        <td style="width: 24.76%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.03%; vertical-align: bottom;">
          <div style="font-family: Arial; font-size: 8pt;">&#160;&#160;&#160;convertible notes due 2019*</div>
        </td>
        <td style="width: 19.11%; vertical-align: middle;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">6,764,495</div>
        </td>
        <td style="width: 24.76%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.03%; vertical-align: bottom;">
          <div style="font-family: Arial; font-size: 8pt;">Shares to be issued assuming conversion of</div>
        </td>
        <td style="width: 19.11%; vertical-align: middle;">&#160;</td>
        <td style="width: 24.76%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.03%; vertical-align: bottom;">
          <div style="font-family: Arial; font-size: 8pt;">&#160;&#160;&#160;convertible notes due 2021*</div>
        </td>
        <td style="width: 19.11%; vertical-align: middle;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">30,824,087</div>
        </td>
        <td style="width: 24.76%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.03%; vertical-align: bottom;">
          <div style="font-family: Arial; font-size: 8pt;">Numbers of shares authorized for issue</div>
        </td>
        <td style="width: 19.11%; vertical-align: middle;">&#160;</td>
        <td style="width: 24.76%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 56.03%; vertical-align: bottom;">
          <div style="font-family: Arial; font-size: 8pt;">&#160;&#160;&#160;at June 30, 2019</div>
        </td>
        <td style="width: 19.11%; vertical-align: middle;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;250,000,000</div>
        </td>
        <td style="width: 24.76%; vertical-align: middle;">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">1,000,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 56.03%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: Arial; font-size: 8pt;">Par value</div>
        </td>
        <td style="width: 19.11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">$ 0.01</div>
        </td>
        <td style="width: 24.76%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: right; font-family: Arial; font-size: 8pt;">$ 0.01</div>
        </td>
      </tr>

  </table>
  <div style="font-family: Arial; font-size: 8pt; font-style: italic;"> &#160; *assuming the maximum Fundamental Change conversion rate.</div>
  <div><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-size: 8pt; font-weight: normal; font-style: normal;">18</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>
  <br>
  <div style="text-align: justify; color: #000000; font-family: Arial; font-style: italic;"><u>Common stock:</u></div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.</div>
  <div><br>
  </div>
  <div style="color: #000000; font-family: Arial; font-style: italic;"><u>Preferred stock:</u></div>
  <div style="font-family: Arial;">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 June 30, 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;</div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;"><u>Stock repurchase</u></div>
  <div style="font-family: Arial;">The Company did not make any share repurchases during Q2 2019. 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.</div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;"><u>Dividend payment</u></div>
  <div><br>
  </div>
  <div style="font-family: Arial;">Dividend payment as of June 30, 2019:</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdced1e3bca6c434cb31d50449d508c32" border="0" cellpadding="2" cellspacing="0">

      <tr>
        <td style="width: 40%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Payment date</div>
        </td>
        <td style="width: 3.94%; vertical-align: top; background-color: #244062; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 26%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Total Payment</div>
        </td>
        <td style="width: 4.1%; vertical-align: top; background-color: #244062; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 26%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Per common share</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 40%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">May 28, 2019</div>
        </td>
        <td style="width: 3.94%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">11.4 million</div>
        </td>
        <td style="width: 4.1%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">0.08</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 40%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">February 26, 2019</div>
        </td>
        <td style="width: 3.94%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">7.1 million</div>
        </td>
        <td style="width: 4.1%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">0.05</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 40%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total payment as per June 30, 2019</div>
        </td>
        <td style="width: 3.94%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">18.5 million</div>
        </td>
        <td style="width: 4.1%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">0.13</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial;">Dividend payment as of December 31, 2018:</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z610ecbd4d85545ccba556a2ae737e9be" border="0" cellpadding="2" cellspacing="0">

      <tr>
        <td style="width: 40%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Payment date</div>
        </td>
        <td style="width: 3.8%; vertical-align: top; background-color: #244062; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 26%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Total Payment</div>
        </td>
        <td style="width: 3.84%; vertical-align: top; background-color: #244062; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 26%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #FFFFFF; font-family: Arial; font-size: 8pt; font-weight: bold;">Per common share</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 40%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">November 23, 2018</div>
        </td>
        <td style="width: 3.8%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2.9 million</div>
        </td>
        <td style="width: 3.84%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">0.02</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 40%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">August 31, 2018</div>
        </td>
        <td style="width: 3.8%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2.9 million</div>
        </td>
        <td style="width: 3.84%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">0.02</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; vertical-align: bottom; width: 40%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">May 30, 2018</div>
        </td>
        <td style="width: 3.8%; vertical-align: top;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2.9 million</div>
        </td>
        <td style="width: 3.84%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">0.02</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid; vertical-align: bottom; width: 40%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">February 28, 2018</div>
        </td>
        <td style="width: 3.8%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">2.9 million</div>
        </td>
        <td style="width: 3.84%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt;">0.02</div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #DBDBDB; border-bottom: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 40%;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">Total payment as per December 31, 2018</div>
        </td>
        <td style="width: 3.8%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">11.5 million</div>
        </td>
        <td style="width: 3.84%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: right; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">$</div>
        </td>
        <td style="width: 26%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: #000000; font-family: Arial; font-size: 8pt; font-weight: bold;">0.08</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 8 &#8211; Accounts receivable and accrued revenues</div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Accounts receivable and accrued revenues totaling $42.3 million as of June 30, 2019 consists mainly of accounts receivable with no material amounts overdue.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 9 - Financial risk management, objectives and policies</div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">Note 9 in the 2018 annual report on Form 20-F provides for details of financial risk management objectives and policies.</div>
  <div><br>
  </div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">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.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: Arial; font-weight: bold;">Note 10 &#8211; Subsequent events</div>
  <div style="text-align: justify; color: #000000; font-family: Arial;">On August 6, 2019 the Board approved a dividend of $0.02 per common share related to the second quarter 2019 to be paid on August 29, 2019 for shareholders of record as of August 22,
    2019.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>dht-logo.jpg
<TEXT>
begin 644 dht-logo.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M"22>  !R23P .2:6RN]D"3;LCV32_A[9:%"EYXM9_.D :+3(&"S$'D-<R?\
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ME_R!K#_KSM__ $2E>!/>7JSUX_"O1'14BPH *3 2H ^5?VC_ /7Z;_USN?\
MT*&O2PVTO0X:_0\I\ >%(==FEU#4\II.F@27)'!E8_ZNV3U:4_>QR%]"P-=E
M2;C[D?B>QQSG&C"5>KI""OZOI%>;.NU[7)==G\Z0"**,>7! O$<$2\*B 8 P
M ,G')]L $(<B5EKU9^9XS%U,=4]I-V6T8K:*[?\ !#2_#>I:US96\DJ?W\;8
MQ]7;:OZTW4C'=V)HX+$8G^#3D_.UE][LC6D\'BSXU#4=+LF'5)+I6<?54!_G
M6/M4_A4ON/;AD.)?\24(>3=W^"9$- TQSM36]*+>AE91^9&*/:O^67W&SR"J
MOAJPO\U^A.? FHRJ7L&M=10<YM+B.4X_W<JWY U2K1V=UZHX:F2XNDKQC&:_
MN._YV9RMU936,AAN8WAD7JDBE#^3 ?IQ6RDGML>#.G.@^2I%PEYII_(ZBS6#
MQI9#P[J;!;A,G3+MNL,N.(';J89<;0/X3C'(7'/).D_:0V>Z\NY]EE>/]I_L
M.)>_P2>]^S\CP*_LI],GEL[I#%/ S1R(>JLIP1_@>A&".#74K-)Q>A]1)<MT
MS]&/"7_(%L/^O.W_ /1*5X,]Y>K/6A\*]$=%2+"@ I,!*@#Y8_:+B>:ZTN*(
M%G=;A54=2S/" ![DD 5Z6'TC)]D<5=;+OHO4K:AI,NGPV?@W2U,LMN!+=;/^
M6MY(NYRQZ;(5.T$X"CKTK6+5W6G_ -N^2/B\TJ3Q-6.6X9.7+K)1_G[O_"MS
M(U/6=%\"DP*D>MZNGWE)S8VK_P!UL<SR+W ^4'@E2*:YZNWNQ_$]/!Y11PZ4
MZ]JM7_R2/RZ_,\RU[QQK7B,XOKJ3ROX8(CY,"CL!%'A2!_M;C[UM&G&.RU[O
M4^EV7+&R2Z):?<<F% Z 5KZ:"L&*8[(D@D>U<20,T3KR&C8HP/LRD$?G2WWL
M_D@V[GI>D?%/48$%IK:)K5ET*7/^O0>L5P!O5AVW;OJ.M8.BMX>Z_P '\C*K
M2AB(\E>*FO-6?R?0[!]*L]6M6UCPU*]Q;Q8:>W?B[M#U!=1]]!U61<],Y."1
M"FX^Y4T;Z]&CX3'91/#?[1@[RC%WM]J%M?FOQ,3XDV8UW3K;Q5$!YYQ9ZACO
M,B_N9CC_ )ZH-I/J%%53]R4J?1ZQ_P CZ/"5_KF'C7O[T5RS7FMG\]SZ[\)?
M\@6P_P"O.W_]$I7DSWEZL^CA\*]$=%2+"@ I,!*@#R+QKI2ZAXETFYD4R1:;
M;WMXR@9W-&81"N/4RLA'J1773ERPDNLK(Y:K<7S)7Y8R?SMI][T/%?'/BH^%
M$ETBQD7^V+W,FJ7:GYHO,^;[)"W52 ?WK#GMU/R]<(\^LM(KX8]SSL)AEAHN
MK/6M-\U2757UY?D>"!U'<?G7:>D&]?4?F*8!O7U'YB@ WKZC\Q0 ;U]1^8H
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M*<.=6O;Y' P_!76+:-88?$=W''& J(D,JJJCH%47H  [ <5LZT7K[-??_P
MR]E):*;^[_@CK+X!P2W2W6NZE<ZJ%(.QE,>[G.UG::=]I[JA3/K1[>RM"*CY
M_P!) J.MY-L]\M[>.TC6"%1''$H1$485548  '0 < 5QO5W9TI6T1Y+HOPJD
MT?Q+)XH-\LK323NT'V4H )\Y"R?:6(*Y'S%#G!^49XZ95;P]G;YW_P" 8*ER
MRY[_ (?\$]?Q7)8Z#Q^Y^%4EQXI7Q7]N5629)!;_ &4D;4C$>TR?:0<E?XMF
M-W.S'%=:JVA[.WSO_P  Y_9^_P ]_E;_ ()[ !BN2QT'F7Q(^'3?$&.VA^UB
MR2T:1O\ 4><6+@+U\^(* !TP22>HKII5/97TO?SM;\#&<.>RO:WD=WHVGOI=
MC;V4CB5K:&.+>J&,-Y:A0VPO(5R ,C>W/>L9:NYJERJQIXJ+#"J * "@ H *
8 "@ H * "@ H * "@ H * "@ H * /_9

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