<SEC-DOCUMENT>0000950157-20-000586.txt : 20200506
<SEC-HEADER>0000950157-20-000586.hdr.sgml : 20200506
<ACCEPTANCE-DATETIME>20200506160001
ACCESSION NUMBER:		0000950157-20-000586
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200505
FILED AS OF DATE:		20200506
DATE AS OF CHANGE:		20200506

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:		20852495

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Double Hull Tankers, Inc.
		DATE OF NAME CHANGE:	20050624
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<html>
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      <div style="text-align: center; color: #000000; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Washington, D.C. 20549</div>
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      <div style="text-align: center; color: #000000; font-size: 18pt; font-weight: bold;">Form 6-K</div>
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        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000;"></div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">Report of Foreign Private Issuer</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16 under</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">the Securities Exchange Act of 1934</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">For the month of May 2020</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Commission File Number 001-32640</div>
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      <div style="text-align: center; color: #000000; 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>
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        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
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      <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>
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      <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>
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      <div style="text-align: center;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif; color: #000000;">&#9745;</font> Form 40-F <font style="font-family: 'Segoe UI Symbol', sans-serif; color: #000000;">&#9744;</font></div>
      <div style="text-align: center; color: #000000;">&#160;</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>
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      <div style="color: #000000;"> <br>
      </div>
      <div style="color: #000000;"><u>Press Releases</u></div>
      <div><br>
      </div>
      <div>The press release issued by DHT Holdings, Inc. (the <font style="color: #000000;">&#8220;</font>Company<font style="color: #000000;">&#8221;</font>) on May 5, 2020 related to its results for the first quarter of 2020 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</div>
      <div><br>
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      <div style="color: #000000;"><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<font style="color: #000000;">&#8217;</font>s
        registration statements on Form F-3 (file Nos. 333-199697 and 333-219069), initially filed with the Securities and Exchange Commission on October 30, 2014 and June 30, 2017, respectively, as amended, in each case to the extent not superseded by
        information subsequently filed or furnished (to the extent the Company expressly states that it incorporates such furnished information by reference) by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each
        case as amended.</div>
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      <div style="color: #000000; font-weight: bold;">EXHIBIT LIST</div>
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              <div style="color: #000000; font-weight: bold;">Exhibit</div>
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            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 88%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Description</div>
            </td>
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            <td style="width: 10%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
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            <td style="width: 10%; vertical-align: top;">
              <div>99.1</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 88%; vertical-align: top;">
              <div>Press Release dated May 5, 2020</div>
            </td>
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      <div style="color: rgb(0, 0, 0); font-weight: normal;"> <br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); 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>
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            <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div>DHT Holdings, Inc.</div>
            </td>
            <td style="width: 11.45%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 4.06%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>(Registrant)</div>
            </td>
            <td style="width: 11.45%; vertical-align: top;">&#160;</td>
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            <td style="width: 4.06%; vertical-align: top;">&#160;</td>
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            <td style="width: 11.45%; vertical-align: top;">&#160;</td>
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              <div>Date: May 6, 2020</div>
            </td>
            <td style="width: 4.06%; vertical-align: top;">
              <div>By:</div>
            </td>
            <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div>/s/ Laila C. Halvorsen</div>
            </td>
            <td style="width: 11.45%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 48.02%; vertical-align: top;">&#160;</td>
            <td style="width: 4.06%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">
              <div>Name:</div>
            </td>
            <td style="width: 29.99%; vertical-align: bottom;">
              <div>Laila C. Halvorsen</div>
            </td>
            <td style="width: 11.45%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 48.02%; vertical-align: top;">&#160;</td>
            <td style="width: 4.06%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div>Title:</div>
            </td>
            <td style="width: 29.99%; vertical-align: top;">
              <div>Chief Financial Officer</div>
            </td>
            <td style="width: 11.45%; vertical-align: top;">&#160;</td>
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            <td style="width: 4.06%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 11.45%; vertical-align: top;">&#160;</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
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         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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    <div style="text-align: center; font-family: Arial; font-size: 14pt; font-weight: bold;">DHT Holdings, Inc. First Quarter 2020 Results</div>
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    <div style="margin-right: 24.6pt; font-family: Arial; font-size: 8pt;">HAMILTON, BERMUDA, May 5, 2020 &#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:<br>
    </div>
    <br>
    <table cellspacing="0" cellpadding="1" border="0" style="border-collapse: collapse; border-left: 2px solid rgb(53, 155, 138); border-right: 2px solid rgb(53, 155, 138); width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z5c842f5471ab49849cd63fc1a723dd79">

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          <td style="background-color: rgb(217, 217, 217); border-width: 3px 2px 2px 3px; border-style: solid; border-color: rgb(128, 128, 128) rgb(53, 155, 138) rgb(128, 128, 128) rgb(128, 128, 128); vertical-align: middle; width: 26.96%;">
            <div style="color: #000000; font-family: Arial; font-weight: bold;">USD mill. (except per share)</div>
          </td>
          <td style="background-color: rgb(217, 217, 217); border-width: 3px 2px 2px; border-style: solid; border-color: rgb(128, 128, 128) rgb(53, 155, 138) rgb(53, 155, 138); vertical-align: middle; width: 11.51%;">
            <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">Q1 2020</div>
          </td>
          <td style="background-color: #D9D9D9; border-bottom: 2px solid #808080; border-right: 2px solid #808080; border-top: 3px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">Q4 2019</div>
          </td>
          <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; background-color: rgb(219, 219, 219);">
            <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">Q3 2019</div>
          </td>
          <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; background-color: rgb(219, 219, 219);">
            <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">Q2 2019</div>
          </td>
          <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; background-color: rgb(219, 219, 219);">
            <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">Q1 2019</div>
          </td>
          <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; background-color: rgb(219, 219, 219);">
            <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">2019</div>
          </td>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">2018</div>
          </td>
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          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); border-top: 2px solid; vertical-align: middle; width: 26.96%;">
            <div style="color: #000000; font-family: Arial;">Shipping revenue</div>
          </td>
          <td style="border-left: 2px solid rgb(53, 155, 138); border-right: 2px solid rgb(53, 155, 138); border-top: 2px solid; vertical-align: middle; width: 11.51%;">
            <div style="text-align: right; color: #000000; font-family: Arial; font-weight: bold;">211.9</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 2px solid; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">191.8</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 2px solid; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">104.7</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 2px solid; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">106.2</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 2px solid; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">132.3</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 2px solid; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">535.1</div>
          </td>
          <td style="border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">375.9</div>
          </td>
        </tr>
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          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <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 rgb(53, 155, 138); border-right: 2px solid rgb(53, 155, 138); vertical-align: bottom; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">152.5</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;141.7</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;58.9</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;61.2</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85.8</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;347.6</div>
          </td>
          <td style="width: 10.25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;214.8</div>
          </td>
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          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <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 rgb(53, 155, 138); border-right: 2px solid rgb(53, 155, 138); vertical-align: bottom; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">128.4</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;116.3</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;36.0</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.0</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64.2</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;254.5</div>
          </td>
          <td style="width: 10.25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;123.2</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <div style="color: #000000; font-family: Arial;">Net income/(loss) after tax</div>
          </td>
          <td style="border-left: 2px solid rgb(53, 155, 138); border-right: 2px solid rgb(53, 155, 138); vertical-align: bottom; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">72.2</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;75.9</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9.4)</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10.5)</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17.7</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;73.7</div>
          </td>
          <td style="width: 10.25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;(46.9)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <div style="color: #000000; font-family: Arial;">EPS &#8211; basic</div>
          </td>
          <td style="border-left: 2px solid rgb(53, 155, 138); border-right: 2px solid rgb(53, 155, 138); vertical-align: bottom; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">0.49</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.52</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.07)</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.07)</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.12</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.51</div>
          </td>
          <td style="width: 10.25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.33)</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <div style="color: #000000; font-family: Arial;">EPS &#8211; diluted<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>
          </td>
          <td style="border-left: 2px solid rgb(53, 155, 138); border-right: 2px solid rgb(53, 155, 138); vertical-align: bottom; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">0.44</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.47</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.07)</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.07)</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.12</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.51</div>
          </td>
          <td style="width: 10.25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.33)</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #DBDBDB; border-bottom: 3px solid #808080; border-left: 3px solid #808080; border-right: 2px none; vertical-align: middle; width: 26.96%;">
            <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: 3px solid rgb(128, 128, 128); border-left: 2px solid rgb(53, 155, 138); border-right: 2px solid rgb(53, 155, 138); vertical-align: bottom; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">0.35</div>
          </td>
          <td style="border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.32</div>
          </td>
          <td style="border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.05</div>
          </td>
          <td style="border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.02</div>
          </td>
          <td style="border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.08</div>
          </td>
          <td style="border-bottom: 3px solid rgb(128, 128, 128); border-right: 2px solid; vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.47</div>
          </td>
          <td style="border-bottom: 3px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.11</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="border-collapse: collapse; border-left: 2px solid #359B8A; border-right: 2px solid #359B8A; width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Interest bearing debt</div>
          </td>
          <td style="border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 11.51%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">780.8</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">851.0</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">945.9</div>
          </td>
          <td style="border-right: 2px none rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">904.2</div>
          </td>
          <td style="border-left: 2px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">918.9</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">851.0</div>
          </td>
          <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">967.3</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%; border-bottom: 3px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Cash</div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 11.51%; border-bottom: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">75.8</div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">67.4</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-bottom: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">115.4</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-bottom: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">71.0</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-bottom: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">69.3</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-bottom: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">67.4</div>
          </td>
          <td style="width: 10.25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128); border-bottom: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">94.9</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="border-collapse: collapse; border-left: 2px solid #359B8A; border-right: 2px solid #359B8A; width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%; border-top: 3px solid rgb(128, 128, 128);">
            <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: rgb(255, 255, 255); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 11.51%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">2,457.0</div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-right: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%; border-top: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; font-family: Arial;">2,484.0</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">2,484.0</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">2,457.0</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">2,430.0</div>
          </td>
          <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">9,855.0</div>
          </td>
          <td style="border-right: 3px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">9,810.7</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <div style="color: #000000; font-family: Arial;">Scheduled off hire days</div>
          </td>
          <td style="background-color: #FFFFFF; border-right: 2px solid #359B8A; vertical-align: middle; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">49.1</div>
          </td>
          <td style="background-color: #FFFFFF; border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">55.0</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">157.0</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">140.7</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">0.0</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">352.6</div>
          </td>
          <td style="width: 10.25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">95.2</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <div style="color: #000000; font-family: Arial;">Unscheduled off hire days</div>
          </td>
          <td style="background-color: #FFFFFF; border-right: 2px solid #359B8A; vertical-align: middle; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">38.9</div>
          </td>
          <td style="background-color: #FFFFFF; border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">5.5</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">13.0</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">3.4</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">12.0</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">33.9</div>
          </td>
          <td style="width: 10.25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">9.6</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <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-right: 2px solid #359B8A; vertical-align: middle; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">2,369.0</div>
          </td>
          <td style="background-color: #FFFFFF; border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">2,423.5</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">2,314.0</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">2,312.9</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">2,418.0</div>
          </td>
          <td style="border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">9,468.5</div>
          </td>
          <td style="width: 10.25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">9,705.9</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 3px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 26.96%;">
            <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: rgb(255, 255, 255); border-bottom: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 155, 138); vertical-align: middle; width: 11.51%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">84.2%</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">81.5 %</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">82.2 %</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">85.2 %</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; font-family: Arial;">83.5 %</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 3px solid #808080; border-right: 2px solid #808080; vertical-align: middle; width: 10.25%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">83.1 %</div>
          </td>
          <td style="width: 10.25%; vertical-align: middle; background-color: rgb(255, 255, 255); border-right: 3px solid rgb(128, 128, 128); border-bottom: 3px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">73.2 %</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">QUARTERLY HIGHLIGHTS:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fc537adbf9140bb9060926446802e65">

            <tr>
              <td style="width: -0.15pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: Arial;">Adjusted EBITDA for the quarter of $128.4 million. The net income of $72.2 million equates to $0.49 per basic share. Adjusted for a non-cash change in fair value related to interest rate derivatives of $12.6
                  million, net income would be $84.8 million, equivalent to $0.58 per basic share.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c971c36d60b4f35983dfaf38461fdec">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: Arial;">In the first quarter of 2020 the Company&#8217;s VLCCs operating in the spot market achieved $66,400 per day and the Company&#8217;s VLCCs on time-charter earned $54,000 per day achieving combined time
                  charter equivalent earnings for the Company&#8217;s VLCCs of $64,400 per day. The result for the Company&#8217;s VLCCs operating in the spot market adjusted for the IFRS 15 impact was $65,500 per day for the first quarter of 2020.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42b70f98741f492899f7a4b38aeb7dda">

            <tr>
              <td style="width: -0.15pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: Arial;">Thus far in the second quarter of 2020, 66% of the available VLCC spot days have been booked at an average rate of $110,400 per day on a discharge to discharge basis (see table I for details).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd10ebe0f225c483c9f83469141749ff8">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial;">In March 2020, the Company prepaid $57.8 million under the ABN Amro Credit Facility. The prepayment was made under the revolving credit facility tranche and may be re-borrowed (see table II for details).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
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    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z41c4850c42304ba993aa06112a22cb9a">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial;">The majority of the scheduled off hire days in the quarter were related to the scrubber retrofit project. The Company now has 13 vessels with scrubbers, while five vessels have been postponed due to the
                  strong market conditions. The Company has paid $49.2 million related to the scrubber retrofit project, with an average of 37.0 days in yard. The majority of unscheduled offhire is related to an incident in February where a Singapore
                  flagged oil tanker made contact with DHT Tiger while she was at anchor. The vessel was offhire for 5 weeks before she could resume activity. DHT has presented a claim for repair and loss of hire and expect full settlement of the claim.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7dc7c6d64894e3e818196e44d220886">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial;">For the first quarter of 2020, the Company will return $51.4 million to shareholders in the form of a cash dividend of $0.35 per share, payable on May 26, 2020 to shareholders of record as of May 19, 2020.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f55a3bce2a44883af2129c29ecde3c1">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial;">As of March 31, 2020 DHT had a fleet of 27 VLCCs. The total dwt of the fleet is 8,360,850. For more details on the fleet, please refer to the web site:<font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 255); font-style: normal; font-variant: normal; text-transform: none;"> <u>http://dhtankers.com<font style="background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">/index.php?name=About_DHT%2FFleet.html</font>.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-weight: bold;">SUBSEQUENT EVENT HIGHLIGHTS:</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73d16e526ddd4e2f993fe3ac02ac95b9">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial;">On April 1, 2020, the Company announced time charters for six of its VLCCs. All six ships have contracts with firm periods of 12 months at an average fixed daily hire of $67,300 per day.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f1bd52204544035a62b61a53b2b9e3d">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial;">In April, the Company agreed to a $36.4 million financing of DHT Jaguar with Danish Ship Finance, being the current lender. The new loan will be in direct continuation of the existing loan. The new facility
                  will bear an interest rate equal to Libor + 2.00%, have a 20-year repayment profile, and have final maturity in November 2025.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07effacf74be4b1487739480da4208cf">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial;">On April 17, the Company drew down $13.5 million under the Nordea Credit Facility. This was the remaining amount of the scrubber financing secured in September 2018. The total facility is $45 million and
                  will have quarterly installments of $2.25 million commencing second quarter of 2020 with a final balloon payment of $18&#160;million together with the last installment in April 2023 (see table II for details).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;">OTHER:</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05c2fcc85ebd4d99b23c0f495bf55341">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: Arial;">The Covid-19 virus outbreak is impacting our business in several ways. The main operational challenge relates to our seafarers and our ability to change crews at regular intervals.&#160; This is resulting in
                  crews staying onboard longer than planned, awaiting opportunities to go ashore and for replacements to come onboard.&#160; Our crew is demonstrating cooperation and understanding to support continuation of our services.&#160; We could also face
                  challenges in getting supplies delivered to our vessels. So far, we have had limited negative impact in this regard.&#160; Lastly, the virus outbreak has currently impacted global consumption of refined oil products imposing a build-up of
                  shore-based inventories of both feedstock and end products, resulting in bottlenecks and delays to discharge cargoes in ports.&#160;</div>
              </td>
            </tr>

        </table>
      </div>
    </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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0df044db77da4b2592a5895d9851f80e">

        <tr>
          <td colspan="6" style="background-color: rgb(217, 217, 217); border-width: 2px 2px 1px; border-style: solid; border-color: rgb(128, 128, 128); vertical-align: bottom;">
            <div style="color: #000000; font-family: Arial; font-weight: bold;">Table I:&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; Outlook Q2 2020&#160; -&#160; Adjusted net revenue</div>
            <div style="color: #000000; font-family: Arial; font-style: italic;">USD mill. (except no. of days and rate per day)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128);">
            <div>&#160;</div>
            <div style="font-family: Arial; font-style: italic;">All numbers are estimates</div>
          </td>
          <td style="background-color: #D9D9D9; border-bottom: 1px solid #808080; vertical-align: bottom; width: 19.42%;">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">No. of days</div>
          </td>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 1px solid rgb(128, 128, 128); vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">Rate TCE/day</div>
          </td>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 1px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-family: Arial; font-weight: bold;">Adjusted</div>
            <div style="text-align: right; font-family: Arial; font-weight: bold;">net revenue<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Time charter, estimate *)</div>
          </td>
          <td style="background-color: #FFFFFF; border-top: 1px solid #808080; vertical-align: bottom; width: 19.42%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">749</div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 14%;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">$<br>
            </div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 10%; font-family: Arial; text-align: right;">54,100</td>
          <td style="background-color: rgb(255, 255, 255); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 14%;">
            <div style="text-align: right; margin-left: 8.5pt; color: #000000; font-family: Arial;">$ <br>
            </div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-right: 2px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 10%; font-family: Arial; text-align: right;">40.6</td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Fixed spot business, estimate</div>
          </td>
          <td style="width: 19.42%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,122</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">$<br>
            </div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial; text-align: right;">110,400</td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; color: #000000; font-family: Arial;">$ <br>
            </div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">123.8</td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Sum/average</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 19.42%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,871</div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 14%;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">$</div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 10%; font-family: Arial; text-align: right;">87,900</td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 14%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">$ <br>
            </div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 10%; font-family: Arial; text-align: right;">164.4</td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Open revenue days</div>
          </td>
          <td style="background-color: #FFFFFF; border-top: 1px solid #808080; vertical-align: bottom; width: 19.42%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;584</div>
          </td>
          <td style="background-color: rgb(255, 255, 255); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom;" colspan="2">&#160;</td>
          <td style="background-color: rgb(255, 255, 255); border-right: 2px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128); border-bottom: 2px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Expected off hire days</div>
          </td>
          <td style="width: 19.42%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2</div>
          </td>
          <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(128, 128, 128);" colspan="2">&#160;</td>
          <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(128, 128, 128); border-bottom: 2px solid rgb(128, 128, 128);" colspan="2">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">*) Number of days is estimated as there is uncertainty as to exact dates for entering and exiting the time charters. Please also note that the rates are base rates only - no
      potential profit splits are included.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze8edc22b2423479e930ed398ab967a0d">

        <tr>
          <td colspan="4" style="background-color: rgb(217, 217, 217); border-width: 2px 2px 1px; border-style: solid; border-color: rgb(128, 128, 128); vertical-align: bottom;">
            <div style="color: #000000; font-family: Arial; font-weight: bold;">Table II:&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; Interest bearing debt&#160; -&#160; Notional amount</div>
            <div style="color: #000000; font-family: Arial; font-style: italic;">USD mill.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Opening balance January 1, 2020</div>
          </td>
          <td style="background-color: #FFFFFF; border-top: 1px solid #808080; vertical-align: bottom; width: 10.43%;">&#160;</td>
          <td style="background-color: rgb(255, 255, 255); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 38%; font-family: Arial; text-align: right;">&#160;$</td>
          <td style="background-color: rgb(255, 255, 255); border-right: 2px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 10%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">&#160;866.0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Scheduled repayments first quarter</div>
          </td>
          <td style="width: 10.43%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 38%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial; text-align: right;">&#160;$</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">(14.2)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(128, 128, 128);">
            <div style="color: #000000; font-family: Arial;">Prepayment first quarter</div>
          </td>
          <td style="width: 10.43%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 38%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: Arial; text-align: right;">&#160;$</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(128, 128, 128);">
            <div style="text-align: right; color: #000000; font-family: Arial;">(57.8)</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 1px solid rgb(128, 128, 128); border-left: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 42%;">
            <div style="color: #000000; font-family: Arial;">Issuance after end of first quarter</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 1px solid #808080; vertical-align: bottom; width: 10.43%;">&#160;</td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 38%; font-family: Arial; text-align: right;">&#160;$</td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 10%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">13.5</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 2px solid rgb(128, 128, 128); border-left: 2px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 42%;">
            <div style="color: #000000; font-family: Arial;">Balance notional debt as per May 5, 2020</div>
          </td>
          <td style="background-color: #FFFFFF; border-bottom: 2px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 10.43%;">&#160;</td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 38%; font-family: Arial; text-align: right;">&#160;$</td>
          <td style="background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(128, 128, 128); border-right: 2px solid rgb(128, 128, 128); border-top: 1px solid rgb(128, 128, 128); vertical-align: bottom; width: 10%;">
            <div style="text-align: right; color: #000000; font-family: Arial;">807.6</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-style: italic;">*) Please also see Note 4 &#8211; Interest bearing debt</div>
    <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><br>
    </div>
    <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><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>2018 includes impairment charge of $3.5 million related to the sale of DHT Cathy and DHT Sophie.</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 the vessels are owned by the Company or chartered by the Company.</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>Reveue days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered by the Company 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: Arial; font-weight: bold;"><u>FIRST QUARTER 2020 FINANCIALS</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">The Company reported shipping revenues for the first quarter of 2020 of $211.9 million compared to shipping revenues of $132.3 million in the first quarter of 2019.</font>&#160;<font style="color: #000000;">The increase from the 2019 period to the 2020 period includes $82.3 million attributable to higher tanker rates offset by $2.7 million attributable to change in total revenue days. The decrease in total revenue days was a
        result of scheduled off hire in connection with the scrubber retrofit project in addition to unscheduled offhire in the quarter.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">Voyage expenses for the first quarter of 2020 were $59.4 million, compared to voyage expenses of $46.5 million in the first quarter of 2019.&#160;The increase was mainly due to a $7.9
      million increase in bunker expenses in addition to a $3.1 million increase related to voyage expenses which are capitalized and amortized under IFRS 15.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">Vessel operating expenses for the first quarter of 2020 were $19.8 million, equal to $8,100 per day, compared to $17.9 million in the first quarter of 2019. The increase was mainly
      related to upstoring of spares and consumables in relation to IMO2020. The average operating cost for 2019 was $7,900 per day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">Depreciation and amortization, including depreciation of capitalized survey expenses, was $30.3 million for the first quarter of 2020, compared to $27.6 million in the first quarter
      of 2019. The increase was mainly due to depreciation related to scrubbers of $2.3 million.</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 first quarter of 2020 was $4.3 million, consisting of $3.4 million cash and $0.9 million non-cash charges, compared to $3.7
      million in the first quarter of 2019, consisting of $3.4 million cash and $0.3 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 first quarter of 2020 were $25.5 million compared to $18.9 million in the first quarter of 2019. The increase was due to</font> a <font style="color: #000000;">non-cash loss of $12.6 million </font>related to interest rate derivatives in the first quarter of 2020 compared to a non-cash loss of $4.4 million in the first quarter of 2019 offset by a decrease in interest expenses due
      to reduced outstanding debt and a reduction in Libor<font style="color: #000000;">.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">The Company had net income in the first quarter of 2020 of $72.2 million, or income of $0.49 per basic share and $0.44 per diluted share, compared to net income in the first quarter
      of 2019 of $17.7 million, or income of $0.12 per basic share and $0.12 per diluted share. The change from the 2019 period to the 2020 period was mainly due to 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 quarter of 2020 was $130.7 million compared to net cash provided by operating activities of $36.7 million for
        the first </font>quarter of 2019<font style="color: #000000;">. The change is mainly due to net income of $72.2 million in the first quarter of 2020 compared to net income of $17.7 million in the first quarter of 2019, $27.9 million related to
        change in operating assets and liabilities and $11.6 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 $3.1 million in the first quarter of 2020 of which $2.8 million related to investment in vessels and $0.3 million related to investment in
      property, plant and equipment. Net cash used in investing activities was $1.5 million in the first quarter of 2019 and was mainly related to investment in vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">Net cash used in financing activities for the first quarter of 2020 was $119.1 million comprising $57.8 million related to prepayment of long-term debt, $47.0 million related to cash
      dividend paid and $14.2 million related to scheduled repayment of long-term debt. Net cash used in financing activities for the first quarter of 2019 was $60.8 million comprising $35.0 million related to prepayment of long-term debt, $15.4 million
      related to scheduled repayment of long-term debt, $7.1 million related to cash dividend paid and $3.2 million related to purchase of treasury shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">As of March 31, 2020, the cash balance was $75.8 million, compared to $67.4 million as of December 31, 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">The Company monitors its covenant compliance on an ongoing basis. As of the date of the most recent compliance certificates submitted for the first quarter of 2020, the Company is in
      compliance with its financial covenants.</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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="background-color: #FFFFFF;">As of March 31</font><font style="color: #000000;">, 2020</font><font style="background-color: #FFFFFF;">, the Company had </font>146,945,050 <font style="background-color: #FFFFFF;">shares of common stock outstanding compared to </font>146,819,401 shares<font style="background-color: #FFFFFF;"> as of December 31</font><font style="color: #000000;">, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;"><font style="color: #000000;">The Company declared a cash dividend of $0.35 per common share for the first quarter of 2020 </font>payable on May 26, 2020 for shareholders of record as of May 19,
      2020.</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>
    <div style="font-family: Arial;">The Company assesses the financial performance of its business using a variety of measures. Certain of these measures are termed &#8220;non-GAAP measures&#8221; because they exclude amounts that are included in, or include amounts
      that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. These non-GAAP measures include &#8220;Adjusted Net
      Revenue&#8221;, &#8220;Adjusted EBITDA&#8221; and &#8220;Adjusted spot time charter equivalent per day&#8221;. The Company believes that these non-GAAP measures provide useful supplemental information for its investors and, when considered together with the Company&#8217;s IFRS
      financial measures and the reconciliation to the most directly comparable IFRS financial measure, provide a more complete understanding of the factors and trends affecting the Company&#8217;s operations. In addition, the DHT&#8217;s management measures the
      financial performance of the Company, in part, by using these non-GAAP measures, along with other performance metrics. The Company does not regard these non-GAAP measures as a substitute for, or as superior to, the equivalent measures calculated and
      presented in accordance with IFRS. Additionally, these non-GAAP measures may not be comparable to other similarly titled measures used by other companies and should not be considered in isolation or as a substitute for analysis of the Company&#8217;s
      operating results as reported under IFRS.</div>
    <div>
      <div style="font-family: Arial; font-weight: bold;">
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td style="background-color: rgb(36, 64, 98); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 37.1%; padding: 0px 0px 0px 2px;">
                  <div style="text-align: left; color: #FFFFFF; font-family: Arial;">USD in thousands except time charter equivalent per day</div>
                </td>
                <td style="background-color: #244062; border-left: 2px solid #35988A; border-right: 2px solid #35988A; border-top: 3px solid #808080; vertical-align: top; width: 9.04%; padding: 0px 2px 0px 0px;">
                  <div style="text-align: right;"><font style="font-family: Arial; font-weight: bold; color: #FFFFFF;">Q1 2020</font></div>
                </td>
                <td style="background-color: rgb(36, 64, 98); border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
                  <div style="text-align: right;"><font style="font-family: Arial; font-weight: bold; color: #FFFFFF;">Q4 2019</font></div>
                </td>
                <td style="background-color: rgb(36, 64, 98); border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
                  <div style="text-align: right;"><font style="font-family: Arial; font-weight: bold; color: #FFFFFF;">Q3 2019</font></div>
                </td>
                <td style="background-color: rgb(36, 64, 98); border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
                  <div style="text-align: right;"><font style="font-family: Arial; font-weight: bold; color: #FFFFFF;">Q2 2019</font></div>
                </td>
                <td style="border-right: 2px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 9.03%; padding: 0px 2px 0px 0px;">
                  <div style="text-align: right; background-color: rgb(36, 64, 98); font-weight: bold; color: rgb(255, 255, 255); font-family: Arial; font-style: normal; font-variant: normal; text-transform: none;">Q1 2019</div>
                </td>
                <td style="background-color: rgb(36, 64, 98); border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 8.87%; padding: 0px 2px 0px 0px;">
                  <div style="text-align: right;"><font style="font-family: Arial; font-weight: bold; color: #FFFFFF;">2019</font></div>
                </td>
                <td style="background-color: rgb(36, 64, 98); border-right: 3px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 8.86%; padding: 0px 2px 0px 0px;">
                  <div style="text-align: right;"><font style="font-family: Arial; font-weight: bold; color: #FFFFFF;">2018</font></div>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; font-weight: bold; font-style: italic; color: #000000;">Reconciliation of adjusted net revenue</font></div>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; text-align: right; font-family: Arial;">&#160;</td>
                <td style="border-left: 2px solid #35988A; vertical-align: bottom; width: 9.03%; font-family: Arial; text-align: right;">&#160;</td>
                <td style="width: 9.03%; vertical-align: bottom; text-align: right; font-family: Arial;">&#160;</td>
                <td style="width: 9.03%; vertical-align: bottom; text-align: right; font-family: Arial;">&#160;</td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; font-family: Arial; text-align: right;">&#160;</td>
                <td style="width: 8.87%; vertical-align: bottom; text-align: right; font-family: Arial;">&#160;</td>
                <td style="width: 8.86%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); text-align: right; font-family: Arial;">&#160;</td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">&#160;</td>
                <td style="border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; text-align: right; font-family: Arial;">&#160;</td>
                <td style="border-left: 2px solid #35988A; vertical-align: bottom; width: 9.03%; font-family: Arial; text-align: right;">&#160;</td>
                <td style="width: 9.03%; vertical-align: bottom; text-align: right; font-family: Arial;">&#160;</td>
                <td style="width: 9.03%; vertical-align: bottom; text-align: right; font-family: Arial;">&#160;</td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; font-family: Arial; text-align: right;">&#160;</td>
                <td style="width: 8.87%; vertical-align: bottom; text-align: right; font-family: Arial;">&#160;</td>
                <td style="width: 8.86%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); text-align: right; font-family: Arial;">&#160;</td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Shipping revenues</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">211,908<br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">191,835<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">104,740<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">106,188<br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">132,305<br>
                </td>
                <td style="border-bottom: 0px none; border-left: medium none #808080; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">535,068<br>
                </td>
                <td style="border-bottom: 0px none #808080; border-right: 3px solid #808080; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">375,941<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 3px solid #808080; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 0px 2px;" rowspan="1"><font style="font-family: Arial; color: #000000;">Voyage expenses</font></td>
                <td style="background-color: #FFFFFF; border-bottom: 2px solid #808080; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: normal; text-align: right;" rowspan="1">&#160;(59,385)</td>
                <td style="border-bottom: 2px solid #808080; border-left: 2px solid; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: normal; text-align: right;" rowspan="1">&#160;(50,140)</td>
                <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: normal; text-align: right;" rowspan="1">&#160;(45,847)</td>
                <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: normal; text-align: right;" rowspan="1">&#160;(45,021)</td>
                <td style="border-bottom: 2px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: normal; text-align: right;" rowspan="1">&#160;(46,492)</td>
                <td style="border-bottom: 2px solid #808080; border-left: #808080; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: normal; text-align: right;" rowspan="1">&#160;(187,500)</td>
                <td style="border-bottom: 2px solid #808080; border-left: medium none; border-right: 3px solid #808080; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: normal; text-align: right;" rowspan="1">&#160;(161,891)</td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 3px solid #808080; border-right: 2px solid #35988A; vertical-align: top; width: 37.1%; padding: 2px 0px 0px 2px;" rowspan="1"><font style="font-family: Arial; font-weight: bold; color: #000000;">Adjusted net revenue</font></td>
                <td style="background-color: #FFFFFF; border-bottom: 2px solid #808080; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;" rowspan="1">&#160;152,524</td>
                <td style="border-bottom: 2px solid #808080; border-left: 2px solid; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;" rowspan="1">&#160;141,695</td>
                <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;" rowspan="1">&#160;58,893</td>
                <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;" rowspan="1">&#160;61,168</td>
                <td style="border-bottom: 2px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;" rowspan="1">&#160;85,812</td>
                <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;" rowspan="1">&#160;347,568</td>
                <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;" rowspan="1">&#160;214,050</td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;" rowspan="1">&#160;</td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;" rowspan="1">&#160;</td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;" rowspan="1">&#160;</td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;" rowspan="1">&#160;</td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;" rowspan="1">&#160;</td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;" rowspan="1">&#160;</td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;" rowspan="1">&#160;</td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; font-weight: bold; font-style: italic; color: #000000;">Reconciliation of adjusted EBITDA</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;"><br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;"><br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;"><br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;"><br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;"><br>
                </td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;"><br>
                </td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;"><br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Net income/(loss) after tax</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">72,158<br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">75,862<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(9,391)<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(10,513)<br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">17,723<br>
                </td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">73,680<br>
                </td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(46,927)<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Income tax expense/(income)</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">426<br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">20<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">15<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">61<br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">36<br>
                </td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">131<br>
                </td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">83<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Other financial (income)/expenses</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">925<br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">350<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">661<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">400<br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">378<br>
                </td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">1,790<br>
                </td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">4,943<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Fair value (gain)/loss on derivative financial instruments</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">12,644<br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(2,990)<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">1,510<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">6,979<br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">4,364<br>
                </td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">9,863<br>
                </td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">5,191<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Interest expense</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">12,226<br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">13,016<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">13,807<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">13,961<br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">14,548<br>
                </td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">55,332<br>
                </td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">54,211<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Interest income</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(99)<br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(357)<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(113)<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(444)<br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">(163)<br>
                </td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(1,077)<br>
                </td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(345)<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Share of profit from associated companies</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(206)<br>
                </td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(267)<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(158)<br>
                </td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(162)<br>
                </td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">(265)<br>
                </td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(852)<br>
                </td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(858)<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">(Profit)/loss, sale of vessel</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#8211;</td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">(75)<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(53, 152, 138); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Impairment charges</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#8211;</td>
                <td style="vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">&#8211;</td>
                <td style="border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">3,500<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 3px solid #808080; border-right: 2px solid #359B8A; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; color: #000000;">Depreciation and amortization</font></div>
                </td>
                <td style="border-bottom: 2px solid #808080; border-left: 2px solid #35988A; border-right: 2px solid #359B8A; vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">30,326<br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-left: 2px solid #35988A; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">30,663<br>
                </td>
                <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">29,656<br>
                </td>
                <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">27,713<br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">27,552<br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-left: #808080; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">115,584<br>
                </td>
                <td style="border-bottom: 1px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial;">103,476<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: rgb(219, 219, 219); border-width: 1px 2px 2px 3px; border-style: solid; border-color: rgb(128, 128, 128) rgb(53, 152, 138) rgb(128, 128, 128) rgb(128, 128, 128); vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">
                  <div style="text-align: left;"><font style="font-family: Arial; font-weight: bold; color: #000000;">Adjusted EBITDA</font></div>
                </td>
                <td style="background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(128, 128, 128); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial; font-weight: bold;">128,401<br>
                </td>
                <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial; font-weight: bold;">116,298<br>
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                <td style="border-bottom: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial; font-weight: bold;">35,987<br>
                </td>
                <td style="border-bottom: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial; font-weight: bold;">37,994<br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;">64,172<br>
                </td>
                <td style="border-bottom: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right; font-family: Arial; font-weight: bold;">254,452<br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: #808080; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;">123,198<br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="background-color: #DBDBDB; border-bottom: 0px dashed; border-left: 3px solid #808080; border-right: 2px solid #35988A; border-top: 1px dashed; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px;">&#160;</td>
                <td rowspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; border-left: 2px solid #35988A; border-right: 2px solid #808080; border-top: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; border-right: 3px solid #FFFFFF; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="background-color: #DBDBDB; border-bottom: 0px dashed; border-left: 3px solid #808080; border-right: 2px solid #35988A; border-top: 0px dashed; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px; color: #000000; font-family: Arial; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none;">Reconciliation of adjusted spot time charter equivalent per day<br>
                </td>
                <td rowspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; border-left: 2px solid #35988A; border-right: 2px solid #808080; border-top: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; border-right: 3px solid #FFFFFF; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="background-color: #DBDBDB; border-bottom: 0px dashed; border-left: 3px solid #808080; border-right: 2px solid #35988A; border-top: 0px dashed; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px; color: #000000; font-family: Arial; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">Spot time charter equivalent per day<br>
                </td>
                <td rowspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; border-left: 2px solid #35988A; border-right: 2px solid #35988A; vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">66,400 <br>
                </td>
                <td rowspan="1" style="border-bottom: 0px none; border-left: 2px solid #35988A; border-right: 2px solid #808080; border-top: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">59,200

                  <br>
                </td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; border-right: 3px solid #FFFFFF; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 3px solid #808080; border-right: 2px solid #35988A; border-top: 0px dashed; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px; color: #000000; font-family: Arial; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">IFRS 15 impact on spot time charter equivalent per day<br>
                </td>
                <td rowspan="1" style="border-bottom: 2px solid #808080; border-left: 2px solid #35988A; border-right: 2px solid #359B8A; vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;(900)</td>
                <td rowspan="1" style="border-bottom: 2px solid #808080; border-left: 2px solid #35988A; border-right: 2px solid #808080; border-top: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">4,700 <br>
                </td>
                <td rowspan="1" style="border-bottom: 0px none; border-left: #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 0px none; border-right: 3px solid #FFFFFF; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="background-color: #DBDBDB; border-bottom: 3px solid #808080; border-left: 3px solid #808080; border-right: 2px solid #35988A; border-top: 1px solid; vertical-align: top; width: 37.1%; padding: 2px 0px 2px 2px; color: #000000; font-family: Arial; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none;">Adjusted spot time charter equivalent per day<br>
                </td>
                <td rowspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 3px solid rgb(128, 128, 128); border-left: 2px solid rgb(53, 152, 138); border-right: 2px solid rgb(53, 152, 138); vertical-align: bottom; width: 9.04%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;">65,500 <br>
                </td>
                <td rowspan="1" style="border-bottom: 3px solid #808080; border-left: 2px solid #35988A; border-right: 2px solid #808080; border-top: 0px none; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; font-weight: bold; text-align: right;">63,900 <br>
                </td>
                <td rowspan="1" style="border-bottom: 3px solid #FFFFFF; border-left: 2px solid #808080; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 3px solid #FFFFFF; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 3px solid #FFFFFF; vertical-align: bottom; width: 9.03%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 3px solid #FFFFFF; vertical-align: bottom; width: 8.87%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
                <td rowspan="1" style="border-bottom: 3px solid #FFFFFF; border-right: 3px solid #FFFFFF; vertical-align: bottom; width: 8.86%; padding: 0px 2px 0px 0px; font-family: Arial; text-align: right;">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
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    <div><br>
    </div>
    <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 May 6, 2020</font><font style="font-weight: bold; color: #000000;">&#160;</font><font style="color: #000000;">to discuss the results for the quarter.</font></div>
    <div style="font-family: Arial;"><font style="color: #000000;"> <br>
      </font></div>
    <div style="font-family: Arial;">
      <div>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: rgb(0, 0, 0);">within the United States, 23&#160;96&#160;02&#160;64 within Norway and +44&#160;(0) 207&#160;192
          8000 for international callers</font>. The passcode is &#8220;DHT&#8221; or &#8220;7181783&#8221;.</div>
      <font style="color: rgb(0, 0, 0);"> </font></div>
    <font style="font-family: Arial;"> </font>
    <div><font style="font-family: Arial;"><br>
      </font> </div>
    <font style="font-family: Arial;">The webcast, which will include a slide presentation, will be available on the following link: </font>
    <div style="font-family: Arial;"><font style="color: #0000FF;"><u>https://edge.media-server.com/mmc/p/k92bkjhe</u></font> and can also be accessed in the Investor Relations section on DHT&#8217;s website at <font style="color: #0000FF;"><u>http://www.dhtankers.com</u></font><font style="color: #000000;">.</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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">An audio replay of the conference call will be available until May 13, 2020 1:00 p.m. EST/19:00 CET.</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;7181783&#8221;<font style="color: #000000;"> as the pass code.</font></div>
    <div style="text-align: justify; 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. 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.&#160; <font style="color: #000000;">For further information: </font><font style="color: #0000FF;"><u>www.dhtankers.com</u></font><font style="color: #000000;">.</font></div>
    <div><br>
    </div>
    <div><br>
    </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 25, 2020.</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="color: #000000; font-family: Arial;">Wilhelm Flinder, Manager, Investor Relations &amp; Business Analysis</div>
    <div style="color: #000000; font-family: Arial;">Phone: +1 441&#160;295 1422 and +47 936 11 350</div>
    <div style="font-family: Arial;"><font style="color: #000000;">E-mail:</font><font style="color: #0000FF;">&#160;</font><font style="color: #0000FF;"><u>wf@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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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    <div style="text-align: center; font-family: Arial; font-size: 18pt; font-weight: bold;">DHT HOLDINGS, INC.</div>
    <div><br>
    </div>
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    <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 MARCH 31, 2020</div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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    <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>
      <div> </div>
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      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="background-color: rgb(36, 64, 98); border-left: 3px solid rgb(128, 128, 128); border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 43%; color: rgb(255, 255, 255); font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">&#160;</td>
            <td style="background-color: rgb(36, 64, 98); border-bottom: medium none; border-top: 3px solid rgb(128, 128, 128); vertical-align: top; width: 5%; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: center; font-family: Arial; font-weight: bold; background-color: rgb(36, 64, 98); color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Note</div>
            </td>
            <td style="width: 4.19%; vertical-align: top; border-top: 3px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98); color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none; font-weight: bold;">&#160;</td>
            <td style="background-color: #244062; border-top: 3px solid #808080; vertical-align: top; width: 21.59%; color: #000000; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: center; font-family: Arial; font-weight: bold; background-color: rgb(36, 64, 98); color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">March 31, 2020</div>
            </td>
            <td style="width: 4.2%; vertical-align: top; border-top: 3px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98); color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none; font-weight: bold;">&#160;</td>
            <td style="background-color: #244062; border-right: 3px solid #808080; border-top: 3px solid #808080; vertical-align: top; width: 21.59%; color: #000000; font-style: normal; font-variant: normal; text-transform: none;">
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          <tr>
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            <td rowspan="1" style="background-color: rgb(53, 152, 138); border-top: medium none; vertical-align: top; width: 5%;">&#160;</td>
            <td rowspan="1" style="background-color: #35988A; vertical-align: top; width: 4.19%;">&#160;</td>
            <td rowspan="1" style="background-color: #35988A; vertical-align: top; width: 21.59%;">&#160;</td>
            <td rowspan="1" style="background-color: #35988A; vertical-align: top; width: 4.2%;">&#160;</td>
            <td rowspan="1" style="background-color: #35988A; border-right: 3px solid #808080; vertical-align: top; width: 21.59%;">&#160;</td>
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          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 0px none; border-left: 3px solid #808080; border-top: medium none; vertical-align: top; width: 43%;">
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: medium none; border-left: 3px solid #808080; border-top: medium none; vertical-align: top; width: 43%;">
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">
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            <td style="width: 21.59%; vertical-align: top;">
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            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 67,356<br>
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          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 86,033<br>
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            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 107,848<br>
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            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,078</div>
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            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,151<br>
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            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Prepaid expenses</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,579<br>
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            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,846<br>
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          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); vertical-align: top; width: 43%; background-color: rgb(219, 219, 219);">
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            </td>
            <td style="vertical-align: top; width: 5%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 4.19%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; vertical-align: top; width: 21.59%;">
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            <td style="vertical-align: top; width: 4.2%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 34,085<br>
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          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: top; width: 43%; background-color: rgb(219, 219, 219);">
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            <td style="vertical-align: top; width: 5%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 4.19%; padding-bottom: 2px;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
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            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;206,801</div>
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            <td style="vertical-align: top; width: 4.2%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 218,286<br>
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            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%; font-variant: normal; text-transform: none;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Non-current assets</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Vessels and time charter contracts</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">5</div>
            </td>
            <td style="width: 4.19%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,565,352</div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,589,444</div>
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          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Advances for vessel upgrades</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">5</div>
            </td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,796<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,652<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Other property, plant and equipment</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;"><br>
              </div>
            </td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,395<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,065<br>
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            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
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            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,816<br>
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            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: medium none #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,772</div>
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          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Total non-current assets</div>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
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            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,583,359</div>
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            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,608,932</div>
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          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(149, 149, 149); border-left: 3px solid rgb(128, 128, 128); vertical-align: top; width: 43%; font-variant: normal; text-transform: none; background-color: rgb(219, 219, 219);">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">TOTAL ASSETS</div>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,790,160</div>
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            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,827,218</div>
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          </tr>
          <tr>
            <td style="width: 43%; vertical-align: top; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="background-color: rgb(53, 152, 138); border-left: 3px solid rgb(128, 128, 128); vertical-align: top; width: 43%; font-weight: bold;"><font style="font-family: Arial; color: rgb(255, 255, 255);">LIABILITIES AND EQUITY</font></td>
            <td rowspan="1" style="background-color: rgb(53, 152, 138); vertical-align: top; width: 5%;">&#160;</td>
            <td rowspan="1" style="background-color: #35988A; vertical-align: top; width: 4.19%;">&#160;</td>
            <td rowspan="1" style="background-color: #35988A; vertical-align: top; width: 21.59%;">&#160;</td>
            <td rowspan="1" style="background-color: #35988A; vertical-align: top; width: 4.2%;">&#160;</td>
            <td rowspan="1" style="background-color: #35988A; border-right: 3px solid #808080; vertical-align: top; width: 21.59%;">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Current liabilities</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
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            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">19,572<br>
              </div>
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            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">23,998</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Derivative financial liabilities</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">4</div>
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            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,419<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">4,320</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Current portion long-term debt</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">4</div>
            </td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 102,734<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">100,385<br>
              </div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="background-color: #DBDBDB; border-bottom: 0px none; border-left: 3px solid #808080; vertical-align: top; width: 43%;"><font style="font-family: Arial;">Other current liabilities</font> <br>
            </td>
            <td rowspan="1" style="vertical-align: top; width: 5%; padding-bottom: 0px; text-align: center; font-family: Arial;"><br>
            </td>
            <td rowspan="1" style="vertical-align: top; width: 4.19%; padding-bottom: 0px; font-family: Arial;">&#160;</td>
            <td rowspan="1" style="border-bottom: 0px none; vertical-align: top; width: 21.59%; font-family: Arial; text-align: right;">558 <br>
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            <td rowspan="1" style="vertical-align: top; width: 4.2%; padding-bottom: 0px;">&#160;</td>
            <td rowspan="1" style="border-right: 3px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%; text-align: right; padding-bottom: 0px;"><font style="font-family: Arial;">605</font> <br>
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          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); vertical-align: top; width: 43%; background-color: rgb(219, 219, 219);">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Deferred shipping revenues<br>
              </div>
            </td>
            <td style="vertical-align: top; width: 5%; padding-bottom: 2px;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;"><br>
              </div>
            </td>
            <td style="vertical-align: top; width: 4.19%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; - </div>
            </td>
            <td style="vertical-align: top; width: 4.2%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 930<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Total current liabilities</div>
            </td>
            <td style="vertical-align: top; width: 5%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 4.19%; padding-bottom: 2px;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">131,283</div>
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            <td style="vertical-align: top; width: 4.2%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;130,239</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%; font-variant: normal; text-transform: none;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Non-current liabilities</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 43%; vertical-align: top; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Long-term debt</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">4</div>
            </td>
            <td style="width: 4.19%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">678,074<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 750,586</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Derivative financial liabilities</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">4</div>
            </td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">19,824<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11,279<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); vertical-align: top; width: 43%; background-color: rgb(219, 219, 219);">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Other non-current liabilities</div>
            </td>
            <td style="vertical-align: top; width: 5%; padding-bottom: 2px;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;"><br>
              </div>
            </td>
            <td style="vertical-align: top; width: 4.19%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">2,287<br>
              </div>
            </td>
            <td style="vertical-align: top; width: 4.2%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,664<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: top; width: 43%; background-color: rgb(219, 219, 219);">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Total non-current liabilities</div>
            </td>
            <td style="vertical-align: top; width: 5%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 4.19%; padding-bottom: 2px;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 700,185</div>
            </td>
            <td style="vertical-align: top; width: 4.2%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 764,530</div>
            </td>
          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); vertical-align: top; width: 43%; font-variant: normal; text-transform: none; background-color: rgb(219, 219, 219);">&#160;</td>
            <td style="vertical-align: top; width: 5%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 4.19%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">&#160;</td>
            <td style="vertical-align: top; width: 4.2%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">&#160;</td>
          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: top; width: 43%; background-color: rgb(219, 219, 219);">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">TOTAL LIABILITIES</div>
            </td>
            <td style="vertical-align: top; width: 5%; padding-bottom: 2px;">&#160;</td>
            <td style="vertical-align: top; width: 4.19%; padding-bottom: 2px;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 831,468</div>
            </td>
            <td style="vertical-align: top; width: 4.2%; padding-bottom: 2px;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 894,768</div>
            </td>
          </tr>
          <tr>
            <td style="width: 43%; vertical-align: top; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-style: italic; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Equity</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Stock</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">6</div>
            </td>
            <td style="width: 4.19%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">$</div>
            </td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,469</div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,468</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Additional paid-in capital</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial;">6</div>
            </td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,170,046</div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,169,537</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Accumulated deficit</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(215,028)</div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(240,165)</div>
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          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
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            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (88)</div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 73</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Other reserves</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,290<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="width: 21.59%; vertical-align: top; border-right: 3px solid rgb(128, 128, 128);">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,531</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-left: 3px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Non-controlling interest</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5 </div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid; border-left: 3px solid #808080; border-top: 2px solid; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">Total equity</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 958,692<br>
              </div>
            </td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid #808080; border-right: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 932,449</div>
            </td>
          </tr>
          <tr>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); vertical-align: top; width: 43%; font-variant: normal; text-transform: none; background-color: rgb(219, 219, 219);">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 4.19%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">&#160;</td>
            <td style="width: 4.2%; vertical-align: top;">&#160;</td>
            <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: top; width: 21.59%;">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 3px solid #808080; border-left: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 43%;">
              <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold; background-color: rgb(217, 217, 217); font-variant: normal; text-transform: none;">TOTAL LIABILITIES AND EQUITY</div>
            </td>
            <td style="width: 5%; vertical-align: top; border-bottom: 3px solid rgb(128, 128, 128);">&#160;</td>
            <td style="width: 4.19%; vertical-align: top; border-bottom: 3px solid rgb(128, 128, 128);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$</div>
            </td>
            <td style="border-bottom: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">1,790,160</div>
            </td>
            <td style="width: 4.2%; vertical-align: top; border-bottom: 3px solid rgb(128, 128, 128);">&#160;</td>
            <td style="border-bottom: 3px solid #808080; border-right: 3px solid #808080; border-top: 2px solid #808080; vertical-align: top; width: 21.59%;">
              <div style="text-align: right; color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">1,827,218</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: normal;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements</div>
      <font style="font-weight: normal;"> </font></div>
    <font style="font-weight: normal;"> </font>
    <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
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    <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>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="1" border="0" align="center" style="border-collapse: collapse; border-right: 2px solid #808080; width: 73%; font-family: Arial; font-size: 10pt;">

              <tr style="HEIGHT: 20px">
                <td style="border-top: 3px solid rgb(128, 128, 128); width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98);">&#160;</td>
                <td style="border-top: 3px solid rgb(128, 128, 128); vertical-align: middle; text-align: center; background-color: rgb(36, 64, 98);" colspan="2">&#160;</td>
                <td style="border-top: 3px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; text-align: center; background-color: rgb(36, 64, 98);">
                  <div style="font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt;">Q1 2020</div>
                </td>
                <td style="border-top: 3px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; text-align: center; background-color: rgb(36, 64, 98);">
                  <div style="font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt;">Q1 2019</div>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98);">&#160;</td>
                <td style="vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98);" colspan="2">
                  <div style="font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt; text-align: left;">Note</div>
                </td>
                <td style="width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98);">
                  <div style="font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt;">Jan. 1 - Mar. 31, 2020</div>
                </td>
                <td style="vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98); width: 13%;">
                  <div style="font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt;">Jan. 1 - Mar. 31, 2019</div>
                </td>
              </tr>
              <tr style="HEIGHT: 14px">
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Shipping revenues</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="font-weight: bold; color: #000000; line-height: 9.1pt;"><br>
                  </div>
                </td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">$</div>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">211,908<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">132,305<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">&#160;</td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr style="HEIGHT: 17px">
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); font-style: italic; line-height: 9.1pt;">Operating expenses</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Voyage expenses</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000; line-height: 9.1pt;"><br>
                  </div>
                </td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(59,385)<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(46,492)<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Vessel operating expenses</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(19,827)<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(17,920)<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">Depreciation and amortization<br>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="color: #000000; line-height: 9.1pt;"><br>
                  </div>
                </td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(30,326)</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(27,552)<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">General and administrative expense</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(4,296)<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(3,720)<br>
                </td>
              </tr>
              <tr>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 41%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Total operating expenses</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">$</div>
                </td>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">(113,833)<br>
                </td>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">(95,684)<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">&#160;</td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">&#160;</td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 41%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Operating income/(loss)</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">$</div>
                </td>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">98,075</td>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">36,620<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">&#160;</td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Share of profit from associated companies</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">206<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">265<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Interest income</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">99<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">163<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Interest expense</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(12,226)<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(14,548)<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Fair value gain/(loss) on derivative financial instruments</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center;">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center;">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(12,644)<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(4,364)<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Other financial income/(expenses)</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(925)<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(378)<br>
                </td>
              </tr>
              <tr>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 41%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Profit/(loss) before tax</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">$</div>
                </td>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">72,584<br>
                </td>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">17,758<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);"><br>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Income tax expense</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(426)<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(36)<br>
                </td>
              </tr>
              <tr>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 41%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Net income/(loss) after tax</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">$</div>
                </td>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">72,158<br>
                </td>
                <td style="border-top: 2px solid rgb(128, 128, 128); width: 13%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-weight: bold;">17,723<br>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">Attributible to non-controlling interest <br>
                </td>
                <td rowspan="1" style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td rowspan="1" style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">(1) <br>
                </td>
                <td rowspan="1" style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">- <br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Attributable to the owners of parent</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">$</div>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">72,159<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">17,723<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">&#160;</td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">&#160;</td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Basic net income/(loss) per share</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">0.49<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">0.12<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Diluted net income/(loss) per share</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">0.44</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">0.12</td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">&#160;</td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);"><br>
                </td>
              </tr>
              <tr style="HEIGHT: 19px">
                <td style="width: 41%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Weighted average number of shares (basic)</div>
                </td>
                <td style="width: 3%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">146,940,908<br>
                </td>
                <td style="width: 13%; vertical-align: middle; text-align: right; background-color: rgb(255, 255, 255);">142,487,300<br>
                </td>
              </tr>
              <tr>
                <td style="width: 41%; vertical-align: middle; border-bottom: 3px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                  <div style="color: rgb(0, 0, 0); line-height: 9.1pt;">Weighted average number of shares (diluted)</div>
                </td>
                <td style="width: 3%; vertical-align: middle; border-bottom: 3px solid rgb(128, 128, 128); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 2.73%; vertical-align: middle; border-bottom: 3px solid rgb(128, 128, 128); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 13%; vertical-align: middle; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255);">168,596,765<br>
                </td>
                <td style="width: 13%; vertical-align: middle; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255);">142,490,452<br>
                </td>
              </tr>

          </table>
        </div>
        <div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: normal;">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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: 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>
    <div>
      <div style="text-align: center; font-family: Arial;"> <br>
      </div>
      <div style="font-family: Arial;">
        <div>
          <div>
            <table cellspacing="0" cellpadding="2" border="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse">

                <tr>
                  <td style="border-top: 3px solid rgb(128, 128, 128); width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98);">
                    <div style="font-family: Arial; color: #ffffff; text-align: left;">&#160;</div>
                  </td>
                  <td style="border-top: 3px solid rgb(128, 128, 128); width: 6.6%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                    <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">Note</div>
                  </td>
                  <td style="border-top: 3px solid rgb(128, 128, 128); width: 4.16%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                    <div style="font-family: Arial; color: #ffffff; text-align: center;">&#160;</div>
                  </td>
                  <td style="border-top: 3px solid rgb(128, 128, 128); width: 22.62%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                    <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">Q1 2020</div>
                    <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;"><font style="font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98); font-style: normal; font-variant: normal; text-transform: none;">Jan. 1 - Mar. 31, 2020</font> </div>
                  </td>
                  <td style="border-top: 3px solid rgb(128, 128, 128); width: 4.16%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                    <div style="font-family: Arial; color: #ffffff; text-align: center;">&#160;</div>
                  </td>
                  <td style="border-top: 3px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                    <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;"><font style="font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98); font-style: normal; font-variant: normal; text-transform: none;"> Q1 2019<br>
                      </font></div>
                    <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;"><font style="font-weight: bold; color: rgb(255, 255, 255); background-color: rgb(36, 64, 98); font-style: normal; font-variant: normal; text-transform: none;">Jan. 1 - Mar. 31, 2019</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                    <div style="font-family: Arial; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; text-align: left;"><font style="color: #000000;">Net income/(loss) after tax for the period<br>
                      </font></div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="width: 4.16%; vertical-align: bottom; text-align: center; font-weight: normal; font-family: Arial;">$</td>
                  <td style="width: 22.62%; vertical-align: bottom; text-align: right;"><font style="font-family: Arial; color: #000000;">72,158</font></td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom; text-align: right;"><font style="font-family: Arial; color: #000000;">17,723</font></td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">&#160;</td>
                  <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom;">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);"><font style="font-family: Arial; font-weight: bold; font-style: italic; color: #000000;">Other
                      comprehensive income:</font></td>
                  <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                    <div style="font-family: Arial; color: #000000; text-align: left;"><font style="font-style: italic; color: #000000;">Items that will not be reclassified to income statement:</font></div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                    <div style="font-family: Arial; color: #000000; text-align: center;"><br>
                    </div>
                  </td>
                  <td style="WIDTH: 22.62%; VERTICAL-ALIGN: bottom"><br>
                  </td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                  </td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom;"><br>
                  </td>
                </tr>
                <tr>
                  <td style="background-color: rgb(219, 219, 219); border-bottom: 2px none rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                    <div style="font-family: Arial; color: #000000; text-align: left;"><font style="color: #000000;">Remeasurement of defined benefit obligation (loss)</font></div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">
                    <div style="font-family: Arial; color: #000000; text-align: center;"><br>
                    </div>
                  </td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="width: 22.62%; vertical-align: bottom; text-align: right;">&#8211;</td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                  </td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom; text-align: right;">&#8211;</td>
                </tr>
                <tr>
                  <td style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                    <div style="font-family: Arial; font-weight: normal; color: rgb(0, 0, 0); text-align: left;"><font style="color: #000000;">Total</font></div>
                  </td>
                  <td style="width: 6.6%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 4.16%; vertical-align: bottom;">
                    <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: center;">$</div>
                  </td>
                  <td style="border-top: 2px solid #808080; vertical-align: bottom; width: 22.62%; text-align: right;">&#8211;</td>
                  <td style="width: 4.16%; vertical-align: bottom;"><br>
                  </td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 22.75%; text-align: right;">&#8211;</td>
                </tr>
                <tr style="HEIGHT: 19px">
                  <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                    <div style="font-family: Arial; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; text-align: left;"><font style="font-style: italic; color: #000000;">Items that may be reclassified to income statement:</font></div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="width: 22.62%; vertical-align: bottom; text-align: right;"><br>
                  </td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                  </td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom; text-align: right;"><br>
                  </td>
                </tr>
                <tr style="HEIGHT: 21px">
                  <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                    <div style="font-family: Arial; color: #000000; text-align: left;"><font style="color: #000000;">Exchange gain/(loss) on translation of foreign currency</font></div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                    <div style="font-family: Arial; color: #000000; text-align: center;"><br>
                    </div>
                  </td>
                  <td style="width: 22.62%; vertical-align: bottom; text-align: right;"><br>
                  </td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                  </td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom; text-align: right;"><br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                    <div style="font-family: Arial; color: #000000; text-align: left;"><font style="color: #000000;">denominated associate</font></div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom"><br>
                  </td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="width: 22.62%; vertical-align: bottom; text-align: right; font-family: Arial;">(161)<br>
                  </td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom"><br>
                  </td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom; text-align: right; font-family: Arial;">14<br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="background-color: rgb(219, 219, 219); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;"><font style="font-family: Arial;">Total</font><br>
                  </td>
                  <td rowspan="1" style="width: 6.6%; vertical-align: bottom;">&#160;</td>
                  <td rowspan="1" style="width: 4.16%; vertical-align: bottom; text-align: center; font-family: Arial;">$</td>
                  <td rowspan="1" style="border-top: 2px solid #808080; vertical-align: bottom; width: 22.62%; font-family: Arial; text-align: right;">(161)<br>
                  </td>
                  <td rowspan="1" style="width: 4.16%; vertical-align: bottom;"><br>
                  </td>
                  <td rowspan="1" style="border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 22.75%; font-family: Arial; text-align: right;">14<br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="background-color: rgb(219, 219, 219); border-bottom: 2px none; border-left: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">&#160;</td>
                  <td rowspan="1" style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td rowspan="1" style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 22.62%; font-family: Arial; text-align: right;"><br>
                  </td>
                  <td rowspan="1" style="width: 4.16%; vertical-align: bottom; font-family: Arial;"><br>
                  </td>
                  <td rowspan="1" style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 22.75%; font-family: Arial; text-align: right;"><br>
                  </td>
                </tr>
                <tr>
                  <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                    <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;"><font style="font-weight: bold; color: #000000;">Other comprehensive income/(loss)</font></div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                    <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: center;">$</div>
                  </td>
                  <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 22.62%; font-family: Arial; font-weight: bold; text-align: right;">(161)<br>
                  </td>
                  <td style="width: 4.16%; vertical-align: bottom; font-family: Arial; font-weight: bold;"><br>
                  </td>
                  <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 22.75%; font-family: Arial; font-weight: bold; text-align: right;">14<br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                    <div style="font-family: Arial; color: #000000; text-align: left;">&#160;</div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 22.62%; font-family: Arial; font-weight: bold;"><br>
                  </td>
                  <td style="width: 4.16%; vertical-align: bottom; font-family: Arial; font-weight: bold;"><br>
                  </td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom; font-family: Arial; font-weight: bold;"><br>
                  </td>
                </tr>
                <tr>
                  <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                    <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;"><font style="font-weight: bold; color: #000000;">Total comprehensive income/(loss) for the period</font></div>
                  </td>
                  <td style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom">&#160;</td>
                  <td style="WIDTH: 4.16%; VERTICAL-ALIGN: bottom">
                    <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: center;">$</div>
                  </td>
                  <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 22.62%; font-family: Arial; font-weight: bold; text-align: right;">71,997<br>
                  </td>
                  <td style="width: 4.16%; vertical-align: bottom; font-family: Arial; font-weight: bold;"><br>
                  </td>
                  <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 22.75%; font-family: Arial; font-weight: bold; text-align: right;">17,737<br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="border-bottom: 0px none; border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid; vertical-align: bottom; width: 39%;">&#160;<br>
                  </td>
                  <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 6.6%;">&#160;</td>
                  <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 4.16%;">&#160;</td>
                  <td rowspan="1" style="border-bottom: 0px none; border-top: 2px solid; vertical-align: bottom; width: 22.62%; font-family: Arial; text-align: right;"><br>
                  </td>
                  <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 4.16%; font-family: Arial;"><br>
                  </td>
                  <td rowspan="1" style="border-bottom: 0px none; border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid; vertical-align: bottom; width: 22.75%; font-family: Arial; text-align: right;"><br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" style="background-color: #DBDBDB; border-bottom: 0px none; border-left: 3px solid #808080; vertical-align: bottom; width: 39%;"><font style="font-family: Arial;">Attributable to the non-controlling interest</font><br>
                  </td>
                  <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 6.6%;">&#160;</td>
                  <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 4.16%;">&#160;</td>
                  <td rowspan="1" style="border-bottom: 0px none; border-top: 0px none; vertical-align: bottom; width: 22.62%; font-family: Arial; text-align: right;">(1)<br>
                  </td>
                  <td rowspan="1" style="border-bottom: 0px none; vertical-align: bottom; width: 4.16%; font-family: Arial;"><br>
                  </td>
                  <td rowspan="1" style="border-bottom: 0px none; border-right: 3px solid rgb(128, 128, 128); vertical-align: bottom; width: 22.75%; font-family: Arial; text-align: right;">&#8211;</td>
                </tr>
                <tr>
                  <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219); border-bottom: 3px solid rgb(128, 128, 128);">
                    <div style="font-family: Arial; font-weight: normal; color: rgb(0, 0, 0); text-align: left;"><font style="color: #000000;">Attributable to the owners of parent</font></div>
                  </td>
                  <td style="width: 6.6%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128);">
                    <div style="font-family: Arial; color: #000000; text-align: center;">&#160;</div>
                  </td>
                  <td style="width: 4.16%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128);">
                    <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: center;">$</div>
                  </td>
                  <td style="width: 22.62%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; font-family: Arial;">71,998<br>
                  </td>
                  <td style="width: 4.16%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); font-family: Arial;"><br>
                  </td>
                  <td style="border-right: 3px solid rgb(128, 128, 128); width: 22.75%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; font-family: Arial;">17,737<br>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: normal;">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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: 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>
    <div>
      <div style="font-family: Arial;"> <br>
      </div>
      <div style="font-family: Arial;">
        <table cellspacing="0" cellpadding="1" border="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse">

            <tr>
              <td style="border-top: 3px solid rgb(128, 128, 128); border-right: 2px solid rgb(36, 64, 98); width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; color: #ffffff; text-align: left;">&#160;</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; color: #ffffff; text-align: center;">&#160;</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 4%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: right;">&#160;</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 23%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">Q1 2020</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 3.77%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">&#160;</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 23%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-right: 3px solid rgb(128, 128, 128);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">Q1 2019</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: left;">&#160;</div>
              </td>
              <td style="width: 7%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">Note</div>
              </td>
              <td style="width: 4%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; color: #ffffff; text-align: right;">&#160;</div>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(36, 64, 98); background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">Jan. 1 - Mar. 31,</div>
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">2020</div>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; background-color: rgb(36, 64, 98);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">&#160;</div>
              </td>
              <td style="width: 23%; vertical-align: bottom; background-color: rgb(36, 64, 98); border-right: 3px solid rgb(128, 128, 128);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">Jan. 1 - Mar. 31,</div>
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">2019</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 3px solid rgb(128, 128, 128); background-color: rgb(53, 152, 138);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: left;">CASH FLOW FROM OPERATING ACTIVITIES</div>
              </td>
              <td style="width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: center;">&#160;</div>
              </td>
              <td style="width: 4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
                <div style="font-family: Arial; color: #ffffff; text-align: right;">&#160;</div>
              </td>
              <td style="border-top: 2px solid rgb(36, 64, 98); width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
                <div style="font-family: Arial; color: #ffffff; text-align: center;">&#160;</div>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">
                <div style="font-family: Arial; color: #ffffff; text-align: center;">&#160;</div>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138); border-right: 3px solid rgb(128, 128, 128);">
                <div style="font-family: Arial; color: #ffffff; text-align: center;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Net income / (loss) after tax<br>
                </div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;"><br>
                </div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: right;">$</div>
              </td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;">72,158<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-weight: bold;">17,723<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">&#160;</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;"><br>
              </td>
            </tr>
            <tr style="HEIGHT: 17px">
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Items included in net income not affecting cash flows</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;">45,825<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-weight: bold;">34,194<br>
              </td>
            </tr>
            <tr style="HEIGHT: 17px">
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Depreciation</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;">5</div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">30,326<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">27,552<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Amortization of debt issuance costs</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">1,792<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">2,006<br>
              </td>
            </tr>
            <tr style="HEIGHT: 21px">
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Fair value (gain) / loss on derivative financial instruments</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;">4</div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">12,644<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">4,364<br>
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            <tr style="HEIGHT: 17px">
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Compensation related to options and restricted stock</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">1,269<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">538<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Share of profit in associated companies</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">(206)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">(265)<br>
              </td>
            </tr>
            <tr>
              <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Income adjusted for non-cash items</div>
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              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: right;">$</div>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right; font-weight: bold;">117,983<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right; font-weight: bold;">51,917<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">&#160;</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Changes in operating assets and liabilities</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;">12,679<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-weight: bold;">(15,232)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Accounts receivable and accrued revenues</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;">8<br>
                </div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">21,815<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">(6,090)<br>
              </td>
            </tr>
            <tr style="HEIGHT: 13px">
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Capitalized voyage expenses</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;"><br>
                </div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">73<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">(2,457)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Prepaid expenses</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">(159)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">(6,128)<br>
              </td>
            </tr>
            <tr style="HEIGHT: 18px">
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Accounts payable and accrued expenses</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">(5,849)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">659<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160; Deferred shipping revenues<br>
                </div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">(930)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">&#8211;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div>
                  <div><font style="font-family: Arial;">&#160;&#160;&#160;&#160; <font style="font-style: italic;">Bunkers, lube oils and consumables</font></font></div>
                </div>
              </td>
              <td rowspan="1" style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">&#160;(2,194)</td>
              <td rowspan="1" style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">&#160;</td>
              <td rowspan="1" style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">(1,260)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; font-style: italic; text-align: left;">&#160;&#160;&#160;&#160;&#160;Pension liability</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;">(77)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-style: italic;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-style: italic;">43<br>
              </td>
            </tr>
            <tr>
              <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Net cash provided by operating activities</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: right;">$</div>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right; font-weight: bold;">130,662<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right; font-weight: bold;">36,685<br>
              </td>
            </tr>
            <tr style="HEIGHT: 23px">
              <td style="border-top: 2px solid rgb(0, 0, 0); width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">&#160;</td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; text-align: right; font-family: Arial;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; text-align: right; font-family: Arial;"><br>
              </td>
              <td style="border-top: 2px solid rgb(0, 0, 0); width: 23%; vertical-align: bottom; text-align: right; border-right: 3px solid rgb(128, 128, 128); font-family: Arial;"><br>
              </td>
            </tr>
            <tr style="HEIGHT: 18px">
              <td style="width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 3px solid rgb(128, 128, 128); background-color: rgb(53, 152, 138);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: left;">CASH FLOW FROM INVESTING ACTIVITIES</div>
              </td>
              <td style="width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
              <td style="width: 4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138); font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138); font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138); border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Investment in vessels</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">(2,769) </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">(1,500) </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Investment in property, plant and equipment</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">(310) </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">(5) </td>
            </tr>
            <tr>
              <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Net cash used in investing activities</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: right;">$</div>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right;"><font style="font-weight: bold;">(3,079)</font> </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right;"><font style="font-weight: bold;">(1,505)</font> </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">&#160;</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 3px solid rgb(128, 128, 128); background-color: rgb(53, 152, 138);">
                <div style="font-family: Arial; font-weight: bold; color: #ffffff; text-align: left;">CASH FLOW FROM FINANCING ACTIVITIES</div>
              </td>
              <td style="width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
              <td style="width: 4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138);">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138); font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138); font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(53, 152, 138); border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Cash dividends paid</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;">7</div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">(47,022)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">(7,132)<br>
              </td>
            </tr>
            <tr style="HEIGHT: 18px">
              <td rowspan="1" style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="text-align: left; color: #000000; font-family: Arial;">Repayment of lease liability</div>
              </td>
              <td rowspan="1" style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">(128)<br>
              </td>
              <td rowspan="1" style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td rowspan="1" style="width: 23%; vertical-align: bottom; text-align: right; border-right: 3px solid rgb(128, 128, 128); font-family: Arial;">(56)<br>
              </td>
            </tr>
            <tr style="HEIGHT: 18px">
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Issuance of long-term debt</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;">4</div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">&#8211;</td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; text-align: right; border-right: 3px solid rgb(128, 128, 128); font-family: Arial;">(1)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Purchase of treasury shares</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;">7</div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">&#8211;</td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; text-align: right; border-right: 3px solid rgb(128, 128, 128); font-family: Arial;">(3,248)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Scheduled repayment of long-term debt</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;">4</div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">(14,194)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">(15,394)<br>
              </td>
            </tr>
            <tr style="HEIGHT: 14px">
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Prepayment of long-term debt<br>
                </div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">
                <div style="font-family: Arial; color: #000000; text-align: center;">4</div>
              </td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">(57,762)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; text-align: right; border-right: 3px solid rgb(128, 128, 128); font-family: Arial;">(35,000)<br>
              </td>
            </tr>
            <tr>
              <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Net cash used in financing activities</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: right;">$</div>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right; font-weight: bold;">(119,107)<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right; font-weight: bold;">(60,831)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">&#160;</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Net increase/(decrease) in cash and cash equivalents</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">8,476<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">(25,651)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Cash and cash equivalents at beginning of period</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">67,356<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">94,944<br>
              </td>
            </tr>
            <tr>
              <td style="background-color: rgb(219, 219, 219); border-bottom: 2px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 39%;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Cash and cash equivalents at end of period</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: right;">$</div>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right; font-weight: bold;">75,832<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right; font-weight: bold;"><br>
              </td>
              <td style="border-bottom: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 23%; font-family: Arial; text-align: right; font-weight: bold;">69,293<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">&#160;</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; font-weight: bold; color: #000000; text-align: left;">Specification of items included in operating activities:</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Interest paid</div>
              </td>
              <td style="width: 7%; vertical-align: bottom;">&#160;</td>
              <td style="width: 4%; vertical-align: bottom;">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; font-family: Arial; text-align: right;">11,502<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">14,069<br>
              </td>
            </tr>
            <tr>
              <td style="width: 39%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); border-left: 3px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                <div style="font-family: Arial; color: #000000; text-align: left;">Interest received</div>
              </td>
              <td style="width: 7%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128);">&#160;</td>
              <td style="width: 4%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128);">&#160;</td>
              <td style="width: 23%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">99<br>
              </td>
              <td style="width: 3.77%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;"><br>
              </td>
              <td style="width: 23%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); font-family: Arial; text-align: right;">163<br>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-size: 8pt; font-style: italic; font-weight: normal;">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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-weight: bold;"><u>SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)</u></div>
    <div style="text-align: center; font-family: Arial;">($ in thousands except shares)</div>
    <div>
      <div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
      </div>
      <div>
        <table cellspacing="0" cellpadding="2" border="0" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%; BORDER-COLLAPSE: collapse" id="za0339d09d978425996152453c7cafc0b">

            <tr>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 28%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98); font-size: 8pt;">&#160;</td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 3.61%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98);">
                <div style="font-size: 8pt; font-weight: bold; color: rgb(255, 255, 255); text-align: center; line-height: 9.1pt;">Note</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 8.8%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98);">
                <div style="font-size: 8pt; font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt;">Shares</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 1.06%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98); font-size: 8pt;">&#160;</td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 4.45%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98);">
                <div style="font-size: 8pt; font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt;">Stock</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 1.06%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); background-color: rgb(36, 64, 98); font-size: 8pt;">&#160;</td>
              <td style="border-top: 3px solid rgb(128, 128, 128); font-family: 'Times New Roman'; width: 7.1%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; background-color: rgb(36, 64, 98); font-size: 8pt;">
                <div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Paid-in</div>
                <div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Additional</div>
                <div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Capital</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 1.06%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;">&#160;</td>
              <td colspan="1" style="border-top: 3px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;">
                <div style="background-color: rgb(36, 64, 98); font-weight: bold; color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Treasury <br>
                </div>
                <div><font style="background-color: rgb(36, 64, 98); font-weight: bold; color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Shares</font><br>
                </div>
              </td>
              <td colspan="1" style="border-top: 3px solid rgb(128, 128, 128); width: 1.06%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;">&#160;</td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 6.57%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;">
                <div style="font-weight: bold; color: rgb(255, 255, 255);"><font style="font-variant: normal; text-transform: none; font-weight: bold; color: rgb(255, 255, 255); font-style: normal; background-color: rgb(36, 64, 98);">Retained</font></div>
                <div style="font-weight: bold; color: rgb(255, 255, 255);"><font style="font-variant: normal; text-transform: none; font-weight: bold; color: rgb(255, 255, 255); font-style: normal; background-color: rgb(36, 64, 98);">Earnings</font></div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 1.8%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;">&#160;</td>
              <td style="border-top: 3px solid rgb(128, 128, 128); font-family: 'Times New Roman'; width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; background-color: rgb(36, 64, 98); font-size: 8pt;">
                <div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Translation</div>
                <div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Differences</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 1.48%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;">&#160;</td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98);">
                <div style="font-size: 8pt; font-weight: bold; color: rgb(255, 255, 255);">
                  <div style="font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt;">Other</div>
                  Reserves</div>
              </td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 1.06%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="border-top: 3px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); font-weight: bold; color: rgb(255, 255, 255); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;">
                <div>Non- <br>
                </div>
                <div>Controlling<br>
                </div>
                <div>Interest<br>
                </div>
              </td>
              <td colspan="1" style="border-top: 3px solid rgb(128, 128, 128); width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); font-weight: bold; color: rgb(255, 255, 255); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt;">&#160;</td>
              <td style="border-top: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); font-weight: bold; color: rgb(255, 255, 255); text-align: center; background-color: rgb(36, 64, 98); font-size: 8pt; border-right: 3px solid rgb(128, 128, 128);">&#160;
                <div style="font-weight: bold; color: rgb(255, 255, 255); line-height: 9.1pt;">Total</div>
                Equity</td>
            </tr>
            <tr>
              <td style="background-color: #C0C0C0; border-bottom: 0px none; border-left: 3px solid #808080; border-right: 1px; border-top: 1px dashed #808080; vertical-align: middle; width: 28%; text-align: left;">
                <div style="font-size: 8pt; font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Balance at January 1, 2019<br>
                </div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">142,700,046<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;">$<br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">1,427<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;">$<br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">1,145,107<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">$<br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(1,364)<br>
              </td>
              <td colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;$</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(285,383)<br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">$<br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">32<br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">$<br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">1,848<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">$<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">-<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;$</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">861,668<br>
              </td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Net income/(loss) after tax</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">17,723<br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td colspan="1" style="background-color: #FFFFFF; border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">17,723<br>
              </td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Other comprehensive income</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">-</td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">14<br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; border-left: 0px; border-right: 0px; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">14<br>
              </td>
            </tr>
            <tr>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 28%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Total comprehensive income</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 8.8%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; padding-bottom: 2px;"><br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 4.45%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; padding-bottom: 2px;"><br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7.1%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td colspan="1" style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; border-top: 0px none; vertical-align: bottom; width: 1.06%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6.57%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">17,723<br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">14<br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">-</td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(128, 128, 128); border-right: 0px none; border-top: 2px solid rgb(128, 128, 128); vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">-</td>
              <td colspan="1" style="background-color: #FFFFFF; border-left: 0px; border-right: 0px; border-top: 0px dashed; vertical-align: bottom; width: 1%; padding: 0px 0px 2px; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">17,737<br>
              </td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Cash dividends declared and paid</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(7,132)</td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td colspan="1" style="background-color: #FFFFFF; border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(7,132)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Purchase of treasury shares<br>
                </div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(3,248)<br>
              </td>
              <td colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td colspan="1" style="background-color: #FFFFFF; border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(3,248)<br>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192); font-size: 8pt;">Retirement of treasury shares<br>
              </td>
              <td rowspan="1" style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td rowspan="1" style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(1,061,241)<br>
              </td>
              <td rowspan="1" style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;">&#160;</td>
              <td rowspan="1" style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(11)<br>
              </td>
              <td rowspan="1" style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;">&#160;</td>
              <td rowspan="1" style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(4,602)<br>
              </td>
              <td rowspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td rowspan="1" colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">4,612<br>
              </td>
              <td rowspan="1" colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td rowspan="1" style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td rowspan="1" style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td rowspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td rowspan="1" style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td rowspan="1" style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td rowspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td rowspan="1" colspan="1" style="background-color: #FFFFFF; border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td rowspan="1" colspan="1" style="background-color: #FFFFFF; border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td rowspan="1" style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">-</td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Compensation related to options and restricted stock</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">361,195<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">4<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">1,990<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 0px; vertical-align: bottom; width: 1.06%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(1,456)<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px; border-right: 0px; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">538<br>
              </td>
            </tr>
            <tr>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 28%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Balance at Month 31, 2019</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; border-bottom: 2px solid rgb(128, 128, 128); background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 8.8%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">142,000,000<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; font-weight: bold;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 4.45%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">1,420<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; font-weight: bold;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7.1%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">1,142,496<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">$<br>
              </td>
              <td colspan="1" style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">-</td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px solid #808080; border-top: 0px dashed; vertical-align: bottom; width: 1.06%; font-size: 8pt; font-weight: bold; text-align: right;">&#160;$</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6.57%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(274,792)<br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">46<br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">392<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">$<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px solid #808080; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 6%; padding: 0px 0px 2px; font-size: 8pt; font-weight: bold; text-align: right;">- <br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px solid #808080; border-left: 0px; border-right: 0px; border-top: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; font-weight: bold; text-align: right;">&#160;$</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">869,562<br>
              </td>
            </tr>
            <tr>
              <td style="border-left: 0px none rgb(128, 128, 128); border-top: 2px solid rgb(128, 128, 128); vertical-align: middle; width: 28%; padding: 0px 0px 2px; font-size: 8pt; text-align: left;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 3.61%; vertical-align: top; border-bottom: 2px solid rgb(128, 128, 128); background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right; padding-bottom: 2px;">&#160;</td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right; padding-bottom: 2px;">&#160;</td>
              <td style="background-color: rgb(255, 255, 255); border-right: 0px none rgb(128, 128, 128); vertical-align: bottom; width: 7%; padding: 0px 0px 2px; font-size: 8pt; text-align: right;"><br>
              </td>
            </tr>
            <tr>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Balance at January 1, 2020</div>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 3.61%; vertical-align: top; font-size: 8pt;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">146,819,401<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">1,468<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">1,169,537<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">$<br>
              </td>
              <td colspan="1" style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">-</td>
              <td colspan="1" style="border-top: 2px solid rgb(128, 128, 128); width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;$</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(240,165)<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">73<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">1,531<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">$<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">5<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-left: 0px; border-right: 0px; border-top: 2px solid #808080; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;$</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">932,449<br>
              </td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Net income/(loss) after tax</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">72,159<br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">(1)<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">72,158<br>
              </td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Other comprehensive income</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 0px none; border-top: 0px none; vertical-align: bottom; width: 1.06%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">-</td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(161)<br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px #808080; border-right: 0px; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(161)<br>
              </td>
            </tr>
            <tr>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 28%; vertical-align: middle; border-bottom: 2px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Total comprehensive income</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 8.8%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 4.45%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7.1%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; border-top: 0px none; vertical-align: bottom; width: 1.06%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6.57%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">72,159<br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(161)<br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px solid #808080; border-right: 0px; border-top: 2px solid #808080; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">(1)<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; border-left: 0px; border-right: 0px; border-top: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">71,997<br>
              </td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Cash dividends declared and paid</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(47,022)<br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-right: 0px none; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td colspan="1" style="background-color: #FFFFFF; border-left: 0px none; border-right: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt;">(47,022)<br>
              </td>
            </tr>
            <tr>
              <td style="width: 28%; vertical-align: middle; text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192); padding-bottom: 2px;">
                <div style="font-size: 8pt; color: rgb(0, 0, 0); line-height: 9.1pt;">Compensation related to options and restricted stock</div>
              </td>
              <td style="width: 3.61%; vertical-align: top; font-size: 8pt; padding-bottom: 2px;">&#160;</td>
              <td style="width: 8.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;">125,649<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 4.45%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;">1<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 7.1%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;">509<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td colspan="1" style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; vertical-align: bottom; width: 1.06%; padding: 0px 0px 2px; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="width: 6.57%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 6%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;">759<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;"><br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 2px #808080; border-right: 0px; vertical-align: bottom; width: 6%; font-size: 8pt; text-align: right;">&#160;</td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 0px none; border-left: 0px; border-right: 0px; vertical-align: bottom; width: 1%; padding: 0px 0px 2px; font-size: 8pt; text-align: right;">&#160;</td>
              <td style="border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; padding-bottom: 2px;">1,269<br>
              </td>
            </tr>
            <tr>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 28%; vertical-align: middle; border-bottom: 3px solid rgb(128, 128, 128); text-align: left; border-left: 3px solid rgb(128, 128, 128); background-color: rgb(192, 192, 192);">
                <div style="font-size: 8pt; font-weight: bold; color: rgb(0, 0, 0); line-height: 9.1pt;">Balance at March 31, 2020<br>
                </div>
              </td>
              <td style="width: 3.61%; vertical-align: top; border-bottom: 3px solid rgb(128, 128, 128); background-color: rgb(255, 255, 255); font-size: 8pt;">&#160;</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 8.8%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">146,945,050<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; font-weight: bold;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 4.45%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">1,469<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); background-color: rgb(255, 255, 255); font-size: 8pt; text-align: right; font-weight: bold;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7.1%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">1,170,046<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">$<br>
              </td>
              <td colspan="1" style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">-</td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 3px solid #808080; border-top: 0px none #808080; vertical-align: bottom; width: 1.06%; font-size: 8pt; font-weight: bold; text-align: right;">&#160;$</td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6.57%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(215,028)<br>
              </td>
              <td style="width: 1.8%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 6%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(88)<br>
              </td>
              <td style="width: 1.48%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2,290<br>
              </td>
              <td style="width: 1.06%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">$<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 3px solid #808080; border-right: 0px; border-top: 2px solid #808080; vertical-align: bottom; width: 6%; font-size: 8pt; font-weight: bold; text-align: right;">4<br>
              </td>
              <td colspan="1" style="background-color: #FFFFFF; border-bottom: 3px solid #808080; border-left: 0px; border-right: 0px; border-top: 0px none; vertical-align: bottom; width: 1%; font-size: 8pt; font-weight: bold; text-align: right;">&#160;$<br>
              </td>
              <td style="border-top: 2px solid rgb(128, 128, 128); border-right: 3px solid rgb(128, 128, 128); width: 7%; vertical-align: bottom; border-bottom: 3px solid rgb(128, 128, 128); text-align: right; background-color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">958,692<br>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-style: italic; font-weight: normal;">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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: 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 MARCH 31, 2020</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 May 5, 2020 and authorized for issue on May 5, 2020.</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 2019. The interim results are not necessarily indicative of the 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 2019 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, 2020 are listed below. The adoption did not have any effect on the
      financial statements:</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z812b9b9f9fae4fd1b4cc7b5f66ae07fa">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: Arial;">o</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-family: Arial;">IFRS 17 Insurance Contracts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd2ed8ff630b404389cb126b88ce52ab">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: Arial;">o</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-family: Arial;">Amendments to IFRS 9, IAS 39 and IFRS 7</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a6af46b5d4540be827a99fc4fc28f39">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: Arial;">o</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-family: Arial;">Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associates or Joint Venture</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1b3a69d2e0648ba90c14a016648bde5">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: Arial;">o</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-family: Arial;">Amendments to IFRS 3 Definition of a business</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za092291c76dc4027acbda7d6d28bc257">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: Arial;">o</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-family: Arial;">Amendments to IAS 1 and IAS 8 Definition of material</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z374dc7f5edfb40569959bd17591491d5">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: Arial;">o</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-family: Arial;">Conceptual Framework Amendments to References to the Conceptual Framework in IFRS Standards</div>
              </td>
            </tr>

        </table>
      </div>
    </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 March 31, 2020, the Company had 27 vessels in operation; 6 vessels were on time charters and 21 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 January 1, 2020 to March 31, 2020 five customers represented $39.3 million, $28.5 million, $21.3 million, $17.3 million and $12.9 million, respectively, of the
      Company&#8217;s revenues. The five customers in aggregate represented $119.3 million, equal to 56 percent of the total revenue of $211.9 million for the period from January 1, 2020 to March 31, 2020.</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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: Arial;">For the period from January 1, 2019 to March 31, 2019 five customers represented $20.7 million, $20.7 million, $20.0 million, $14.4 million and $8.8 million, respectively, of the
      Company&#8217;s revenues. The five customers in aggregate represented $84.6 million, equal to 64 percent of the total revenue of $132.3 million for the period from January 1, 2019 to March 31, 2019.</div>
    <div><br>
    </div>
    <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 March 31, 2020, DHT had interest bearing debt totaling $780.8 million (including the </font>$125.0 million convertible senior notes)<font style="color: #000000;">.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;">Scheduled debt repayments (USD thousands) and margin above Libor</div>
    <div style="color: #000000; font-family: Arial; font-weight: bold;">
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="2" border="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse">

              <tr style="HEIGHT: 24px">
                <td style="background-color: #244062; border-bottom: 1px solid #808080; border-left: 2px solid #808080; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 41.26%; color: #FFFFFF; font-family: Arial; font-style: normal;">$ in thousands</td>
                <td style="background-color: #244062; border-bottom: 1px solid #808080; border-left: 0px none; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 10.78%; font-family: Arial; font-style: normal; text-align: right;">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">Margin</div>
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">above Libor</div>
                </td>
                <td style="background-color: #244062; border-bottom: 1px solid #808080; border-left: 0px none; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; text-align: right;">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">Q2</div>
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">2020</div>
                </td>
                <td style="background-color: #244062; border-bottom: 1px solid #808080; border-left: 0px none; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; text-align: right;">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">Q3-Q4</div>
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">2020</div>
                </td>
                <td style="background-color: #244062; border-bottom: 1px solid #808080; border-left: 0px none; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; text-align: right;">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">2021</div>
                </td>
                <td style="background-color: #244062; border-bottom: 1px solid #808080; border-left: 0px none; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; text-align: right;">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">2022</div>
                </td>
                <td style="background-color: #244062; border-bottom: 1px solid #808080; border-left: 0px none; border-right: 0px none; border-top: 2px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; text-align: right;">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">Thereafter</div>
                </td>
                <td style="background-color: #244062; border-bottom: 1px solid #808080; border-left: 0px none; border-right: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; text-align: right;">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">Total</div>
                </td>
              </tr>
              <tr style="HEIGHT: 24px">
                <td style="font-family: Arial; width: 41.26%; vertical-align: middle; font-style: normal; border-left: 2px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                  <div style="text-align: left;">ABN Amro Credit Facility*</div>
                </td>
                <td style="font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.40%<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">8,344<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">16,689<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">33,378<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">33,378<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">278,365<br>
                </td>
                <td style="font-family: Arial; border-right: 2px solid rgb(128, 128, 128); width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">370,154<br>
                </td>
              </tr>
              <tr style="HEIGHT: 17px">
                <td style="font-family: Arial; width: 41.26%; vertical-align: middle; font-style: normal; border-left: 2px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                  <div style="text-align: left;">Credit Agricole Credit Facility</div>
                </td>
                <td style="font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.19%<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">1,649<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">3,299<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">6,597<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal; text-align: right;">6,597<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">36,328<br>
                </td>
                <td style="font-family: Arial; border-right: 2px solid rgb(128, 128, 128); width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">54,471<br>
                </td>
              </tr>
              <tr style="HEIGHT: 22px">
                <td style="font-family: Arial; width: 41.26%; vertical-align: middle; font-style: normal; border-left: 2px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                  <div style="text-align: left;">Danish Ship Finance Credit Facility</div>
                </td>
                <td style="font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.25%<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">1,300<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">37,700<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; border-right: 2px solid rgb(128, 128, 128); width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">39,000<br>
                </td>
              </tr>
              <tr>
                <td style="font-family: Arial; width: 41.26%; vertical-align: middle; font-style: normal; border-left: 2px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                  <div style="text-align: left;">Nordea Credit Facility**</div>
                </td>
                <td style="font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.40%<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">6,450<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">12,900<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">25,800<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">25,800<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">134,478<br>
                </td>
                <td style="font-family: Arial; border-right: 2px solid rgb(128, 128, 128); width: 8%; vertical-align: bottom; font-style: normal; text-align: right;">205,428<br>
                </td>
              </tr>
              <tr style="HEIGHT: 18px">
                <td style="font-family: Arial; width: 41.26%; vertical-align: middle; font-style: normal; border-left: 2px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                  <div style="text-align: left;">ABN Amro Revolving Credit Facility***</div>
                </td>
                <td style="font-family: Arial; width: 10.78%; vertical-align: bottom; font-style: normal; text-align: right;">2.50%<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; border-right: 2px solid rgb(128, 128, 128); width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
              </tr>
              <tr>
                <td style="font-family: Arial; width: 41.26%; vertical-align: middle; padding-bottom: 2px; font-style: normal; border-left: 2px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                  <div style="text-align: left;">Convertible Senior Notes</div>
                </td>
                <td style="font-family: Arial; width: 10.78%; vertical-align: middle; padding-bottom: 2px; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; padding-bottom: 2px; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; padding-bottom: 2px; font-style: normal; text-align: right;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; padding-bottom: 2px; font-style: normal; text-align: right;">124,999<br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: bottom; padding-bottom: 2px; font-style: normal; text-align: right;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; padding-bottom: 2px; font-style: normal;"><br>
                </td>
                <td style="border-bottom: 1px solid #808080; border-right: 2px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; text-align: right;">124,999<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 1px solid #808080; border-left: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 41.26%; font-family: Arial; font-style: normal;">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
                </td>
                <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 10.78%; font-family: Arial; font-style: normal;">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>
                </td>
                <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; font-weight: bold; text-align: right;">17,744<br>
                </td>
                <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; font-weight: bold; text-align: right;">70,588<br>
                </td>
                <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; font-weight: bold; text-align: right;">190,774<br>
                </td>
                <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; font-weight: bold; text-align: right;">65,775<br>
                </td>
                <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 8%; font-family: Arial; font-style: normal; font-weight: bold; text-align: right;">449,171<br>
                </td>
                <td style="border-bottom: 1px solid #808080; border-right: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 8%; font-family: Arial; font-style: normal; font-weight: bold; text-align: right;">794,052<br>
                </td>
              </tr>
              <tr>
                <td style="font-family: Arial; width: 41.26%; vertical-align: middle; font-style: normal; border-left: 2px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                  <div style="text-align: left;">Unamortized upfront fees bank loans</div>
                </td>
                <td style="font-family: Arial; width: 10.78%; vertical-align: middle; font-style: normal;">&#160;</td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; border-right: 2px solid rgb(128, 128, 128); width: 8%; vertical-align: middle; font-style: normal; text-align: right;">(6,043)<br>
                </td>
              </tr>
              <tr>
                <td style="font-family: Arial; width: 41.26%; vertical-align: middle; font-style: normal; border-left: 2px solid rgb(128, 128, 128); background-color: rgb(219, 219, 219);">
                  <div style="text-align: left;">Difference amortized cost/notional amount convertible note</div>
                </td>
                <td style="font-family: Arial; width: 10.78%; vertical-align: middle; font-style: normal;">&#160;</td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; width: 8%; vertical-align: middle; font-style: normal;"><br>
                </td>
                <td style="font-family: Arial; border-right: 2px solid rgb(128, 128, 128); width: 8%; vertical-align: middle; font-style: normal; text-align: right;">(7,201)<br>
                </td>
              </tr>
              <tr>
                <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-left: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 41.26%; font-family: Arial; font-style: normal;">
                  <div style="font-weight: bold; text-align: left;">Total interest bearing debt</div>
                </td>
                <td style="border-bottom: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 10.78%; font-family: Arial; font-style: normal;">&#160;</td>
                <td style="border-bottom: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 8%; font-family: Arial; font-style: normal;"><br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 8%; font-family: Arial; font-style: normal;"><br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 8%; font-family: Arial; font-style: normal;"><br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 8%; font-family: Arial; font-style: normal;"><br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 8%; font-family: Arial; font-style: normal;"><br>
                </td>
                <td style="border-bottom: 2px solid #808080; border-right: 2px solid #808080; border-top: 1px solid #808080; vertical-align: middle; width: 8%; font-family: Arial; font-style: normal; text-align: right;">780,808<br>
                </td>
              </tr>

          </table>
          <div style="font-style: normal;">&#160;</div>
        </div>
      </div>
    </div>
    <div style="font-family: Arial; font-size: 8pt;">*$57.8 mill. undrawn as of March 31, 2020.</div>
    <div style="font-family: Arial; font-size: 8pt;">**$46.7 mill. undrawn as of March 31, 2020.</div>
    <div style="font-family: Arial; font-size: 8pt;">***$46.3 mill. available as of March 31, 2020.&#160; Quarterly reduction of $1.3 million.</div>
    <div><br>
    </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 the Company entered into a credit facility with ABN Amro, Nordea, Credit Agricole, DNB, ING, Danish Ship Finance, SEB, DVB and Swedbank as lenders for the financing of eleven VLCCs and
      two newbuildings. The credit facility is guaranteed by DHT Holdings, Inc. and borrowings bear interest at a rate equal to Libor + 2.40%. In March 2020, the Company prepaid $57.8 million under the revolving credit facility tranche and subsequent to
      the prepayment, the current outstanding is repayable in quarterly installments of $8.3 million through Q2 2024 with a final payment of $228.3 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>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a4a6837ded84297825830ca7411edaf">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $300 million</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z357ad48e78a141daa65156d24352fc15">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb741f2c9e0384444bd490c9206bd0518">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>
    </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><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 the Company 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 $48.7 million
        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:</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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9bb21f15f32b4d3ba581bc31d0cfb578">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $200 million</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b904a73f6f04b5697aef020eb7675f5">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3287d76532b498fa12b8de6340e5bbf">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>
    </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><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 the Company 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>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37eef5af13c54a5cb6e163b2afa8615b">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $300 million</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z233dfb0824904b41810b51daef44dd6b">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb51011f161d843c7ae167ec276756ee7">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>
    </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><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. The credit facility is guaranteed by DHT Holdings, Inc. and borrowings bear interest at a rate equal to Libor + 2.40%. In March 2019, the Company
      prepaid $35 million under the revolving credit facility tranche and in November 2019, the Company prepaid the outstanding amounts on DHT Lake and DHT Raven, totaling $22.3 million. Subsequent to the prepayments, the sale of the DHT Utah and DHT Utik
      and the delivery of DHT Stallion and DHT Colt in 2018, the current outstanding is repayable in quarterly installments of $4.2 million with a final payment of $119.3 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>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z27c26b89c6ac4f52b4f28c813cead960">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $300 million</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4a78d304e26744d6a1cd93ef2058d90a">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze044bc7425874afc8eb74f30b9af10a5">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>
    </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 the Company 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%. In connection with the prepayment of DHT Lake and DHT Raven in November 2019, the facility was reduced to $45.0 million. As per March 31, 2020, a total of $31.5 million was drawn
      and $13.5 million is available. The facility will have quarterly installments of $2.25 million commencing second quarter 2020. Other terms and conditions remain unchanged.</div>
    <div><br>
    </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, the Company 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, the Company 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, the Company 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:</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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze00055af66bf4578aa59953ef79a0dc6">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: Arial;">Value <font style="background-color: #FFFFFF;">adjusted* tangible net worth of $300 million</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za522f26d9fb4437195066b52b78195aa">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb334d9f73224873b652f9e84bcb94c1">

            <tr>
              <td style="width: 20.6pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; font-family: Arial;"><font style="font-family: Times New Roman">&#9679;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="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>
    </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><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 March 31, 2020, the Company has nine amortizing interest rate swaps totaling $374.2 million with maturity ranging from the second quarter 2023 to the third quarter 2023. The average fixed
      interest rate is 2.95%. As of March 31, 2020, the fair value of the derivative financial liability related to the swaps amounted to $28.2 million.</div>
    <div><br>
    </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 the most recent compliance certificates submitted to the banks, the Company is in compliance with its 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 the 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.</div>
    <div><br>
    </div>
    <div>
      <div style="font-family: Arial;"><br>
      </div>
      <div style="font-family: Arial;"><br>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">Cost of Vessels</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">At January 1, 2020</font></div>
            </td>
            <td style="width: 19.25%; vertical-align: bottom; font-family: Arial;">
              <div style="text-align: right;"><font style="color: rgb(0, 0, 0);">2,106,997</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; vertical-align: bottom; width: 80.75%; font-family: Arial;"> <font style="color: rgb(0, 0, 0);">Transferred from vessels upgrades</font> </td>
            <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;">
              <div><font style="color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6,048<br>
                </font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-top: 2px solid; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">At March 31, 2020</font></div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;">
              <div><font style="font-weight: bold; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,113,044</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 80.75%; vertical-align: bottom; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">&#160;</font></div>
            </td>
            <td style="width: 19.25%; vertical-align: bottom; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">Depreciation, impairment and amortization*</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">At January 1, 2020</font></div>
            </td>
            <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">517,553<br>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Depreciation and amortization</font></div>
            </td>
            <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;">30,139<br>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-top: 2px solid; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">At March 31, 2020</font></div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;"><font style="font-weight: bold;">547,692</font><br>
            </td>
          </tr>
          <tr>
            <td style="width: 80.75%; vertical-align: bottom; font-family: Arial;">&#160;</td>
            <td style="width: 19.25%; vertical-align: bottom; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">Carrying Amount</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">At January 1, 2020</font></div>
            </td>
            <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;">1,589,444<br>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-top: 2px solid; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">At March 31, 2020</font></div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;"><font style="font-weight: bold;">1,565,352</font><br>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: Arial; font-size: 8pt;">*Accumulated numbers</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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div style="font-family: Arial;"><br>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">Cost of vessel upgrades<br>
                </font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">At January 1, 2020</font></div>
            </td>
            <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">11,652<br>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Additions</font></div>
            </td>
            <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">4,192<br>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">Transferred to vessels</font></div>
            </td>
            <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;">(6,048)<br>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">At March 31, 2020</font></div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;"><font style="font-weight: bold;">9,796</font><br>
            </td>
          </tr>
          <tr>
            <td style="width: 80.75%; vertical-align: bottom; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">&#160;</font></div>
            </td>
            <td style="border-top: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 80.75%; vertical-align: bottom; font-family: Arial;">&#160;</td>
            <td style="width: 19.25%; vertical-align: bottom; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(255, 255, 255);">Carrying Amount</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #244062; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-style: italic; color: rgb(255, 255, 255);">$ in thousands</font></div>
            </td>
            <td style="background-color: #244062; vertical-align: bottom; width: 19.25%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(255, 255, 255);">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">At January 1, 2020</font></div>
            </td>
            <td style="width: 19.25%; vertical-align: bottom; font-family: Arial; text-align: right;">11,652<br>
            </td>
          </tr>
          <tr>
            <td style="background-color: #DBDBDB; border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 80.75%; font-family: Arial;">
              <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 0);">At March 31, 2020</font></div>
            </td>
            <td style="border-bottom: 2px solid #808080; border-top: 2px solid #808080; vertical-align: bottom; width: 19.25%; font-family: Arial; text-align: right;"><font style="font-weight: bold;">9,796</font><br>
            </td>
          </tr>

      </table>
      <div style="font-family: Arial;"><br>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial; font-weight: bold;">Note 6 &#8211; Convertible Senior Note</div>
    <div style="text-align: justify; font-family: Arial;">As of March 31, 2020, $124,999,000 in aggregate principal amount of convertible senior notes due 2021 remains outstanding. The convertible senior notes 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 convertible senior notes are convertible into common stock at any time until one business day prior to maturity. The initial conversion price of the convertible senior notes due 2021 was $6.2599 per share of common stock (equivalent to an
      initial conversion rate of 159.7470 shares of common stock per $1,000 aggregate principal amount of convertible senior notes due 2021). The conversion price 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 $5.6468 effective February 14, 2020. Based on the adjusted conversion price the total number of shares to be issued would be 22,136,254. The convertible senior notes will
      mature on August 15, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms. In December 2019, $1,000 principal amount of convertible senior notes due 2021 was converted into 167 shares of common stock.</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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9f733fdda4ed428d95b7a33925faaf5a">

        <tr>
          <td style="width: 53.75%; vertical-align: bottom; background-color: #244061; border-bottom: #000000 2px solid;">
            <div style="color: rgb(255, 255, 255); font-family: Arial;">&#160;</div>
          </td>
          <td style="width: 18.34%; vertical-align: bottom; background-color: #244061; border-bottom: #000000 2px solid;">
            <div style="text-align: right; color: rgb(255, 255, 255); font-family: Arial; font-weight: bold;">Common stock</div>
          </td>
          <td style="width: 4.2%; vertical-align: bottom; background-color: rgb(36, 64, 97); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 23.72%; vertical-align: bottom; background-color: #244061; border-bottom: #000000 2px solid;">
            <div style="text-align: right; color: rgb(255, 255, 255); font-family: Arial; font-weight: bold;">Preferred stock</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.75%; vertical-align: bottom;">
            <div style="font-family: Arial;">Issued at March 31, 2020</div>
          </td>
          <td style="width: 18.34%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial;">146,945,050</div>
          </td>
          <td style="width: 4.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.72%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial;">&#8211;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.75%; vertical-align: bottom;">
            <div style="font-family: Arial;">Shares to be issued assuming conversion of</div>
          </td>
          <td style="width: 18.34%; vertical-align: middle;">&#160;</td>
          <td style="width: 4.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.72%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.75%; vertical-align: bottom;">
            <div style="font-family: Arial;">&#160;&#160;convertible notes due 2021*</div>
          </td>
          <td style="width: 18.34%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial;">32,992,739</div>
          </td>
          <td style="width: 4.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.72%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.75%; vertical-align: bottom;">
            <div style="font-family: Arial;">Numbers of shares authorized for issue</div>
          </td>
          <td style="width: 18.34%; vertical-align: middle;">&#160;</td>
          <td style="width: 4.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.72%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.75%; vertical-align: bottom;">
            <div style="font-family: Arial;">&#160;&#160;at March 31, 2020</div>
          </td>
          <td style="width: 18.34%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial;">250,000,000</div>
          </td>
          <td style="width: 4.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.72%; vertical-align: middle;">
            <div style="text-align: right; font-family: Arial;">1,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="border-bottom: 2px solid #808080; vertical-align: bottom; width: 53.75%;">
            <div style="font-family: Arial;">Par value</div>
          </td>
          <td style="border-bottom: 2px solid #808080; vertical-align: middle; width: 18.34%;">
            <div style="text-align: right; font-family: Arial;">$ 0.01</div>
          </td>
          <td style="border-bottom: 2px solid #808080; vertical-align: middle; width: 4.2%;">
            <div style="text-align: right; font-family: Arial;">&#160;</div>
          </td>
          <td style="border-bottom: 2px solid #808080; vertical-align: middle; width: 23.72%;">
            <div style="text-align: right; font-family: Arial;">$ 0.01</div>
          </td>
        </tr>

    </table>
    <div style="font-family: Arial; font-size: 8pt; font-style: italic;">&#160;&#160;*assuming the maximum Fundamental Change conversion rate.</div>
    <div><br>
    </div>
    <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 March 31, 2020, no shares of Series C Preferred Stock or Series D Preferred Stock were outstanding. Terms and rights of any other preferred shares will be established by the board when or if such shares
      would be issued.</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 Q1 2020.</div>
    <div><br>
    </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 March 31, 2020:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z23fe0da5ba1f462193b9f69f9586acda">

        <tr>
          <td style="width: 43.51%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
            <div style="color: rgb(255, 255, 255); font-family: Arial; font-weight: bold;">Payment date</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: rgb(255, 255, 255); font-family: Arial; font-weight: bold;">Total Payment</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: rgb(255, 255, 255); font-family: Arial; font-weight: bold;">Per common share</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D9D9D9; border-bottom: 1px solid #808080; vertical-align: bottom; width: 43.51%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">February 25, 2020</div>
          </td>
          <td style="border-bottom: 1px solid #808080; vertical-align: bottom; width: 28.24%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 47.0 million</div>
          </td>
          <td style="border-bottom: 1px solid #808080; vertical-align: bottom; width: 28.24%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 0.32</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D9D9D9; border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 43.51%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Total payment as per March 31, 2020</div>
          </td>
          <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 28.24%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 47.0 million</div>
          </td>
          <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 28.24%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 0.32</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-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: Arial;">Dividend payment as of December 31, 2019:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc98625ca9b5c4cc4863cf5ed03d49abc">

        <tr>
          <td style="width: 43.51%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
            <div style="color: rgb(255, 255, 255); font-family: Arial; font-weight: bold;">Payment date</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: rgb(255, 255, 255); font-family: Arial; font-weight: bold;">Total Payment</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom; background-color: #244062; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: rgb(255, 255, 255); font-family: Arial; font-weight: bold;">Per common share</div>
          </td>
        </tr>
        <tr>
          <td style="width: 43.51%; vertical-align: bottom; background-color: #D9D9D9;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">November 14, 2019</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 7.3 million</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 0.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 43.51%; vertical-align: bottom; background-color: #D9D9D9;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">August 29, 2019</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 2.8 million</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 0.02</div>
          </td>
        </tr>
        <tr>
          <td style="width: 43.51%; vertical-align: bottom; background-color: #D9D9D9;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">May 28, 2019</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 11.4 million</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 0.08</div>
          </td>
        </tr>
        <tr>
          <td style="width: 43.51%; vertical-align: bottom; background-color: #D9D9D9;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">February 26, 2019</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 7.1 million</div>
          </td>
          <td style="width: 28.24%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: Arial;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 0.05</div>
          </td>
        </tr>
        <tr>
          <td style="background-color: #D9D9D9; border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 43.51%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">Total payment as per December 31, 2019</div>
          </td>
          <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 28.24%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 28.7 million</div>
          </td>
          <td style="border-bottom: 1px solid #808080; border-top: 1px solid #808080; vertical-align: bottom; width: 28.24%;">
            <div style="color: rgb(0, 0, 0); font-family: Arial; font-weight: bold;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 0.20</div>
          </td>
        </tr>

    </table>
    <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 $86.0 million as of March 31, 2020 consists of accounts receivable of $79.1 million with no material amounts overdue and accrued
      revenues of $6.9 million.</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 2019 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 May 5, 2020, the Board approved a dividend of $0.35 per common share related to the first quarter 2020 to be paid on May 26, 2020 for shareholders of record as of May 19, 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial;">In April, the Company agreed to a $36.4 million financing of DHT Jaguar with Danish Ship Finance, being the current lender. The new loan will be in direct continuation of the existing loan. The new
      facility will bear an interest rate equal to Libor + 2.00%, have a 20-year repayment profile, and have final maturity in November 2025.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: Arial;">On April 17, the Company drew down $13.5 million under the Nordea Credit Facility. This was the remaining amount of the scrubber financing secured in September 2018. The total facility is $45 million and
      will have quarterly installments of $2.25 million commencing second quarter of 2020 with a final balloon payment of $18 million together with the last installment in April 2023.</div>
    <div><br>
    </div>
    <br>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
