<SEC-DOCUMENT>0001171843-25-002939.txt : 20250508
<SEC-HEADER>0001171843-25-002939.hdr.sgml : 20250508
<ACCEPTANCE-DATETIME>20250508065319
ACCESSION NUMBER:		0001171843-25-002939
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250508
DATE AS OF CHANGE:		20250508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Costamare Inc.
		CENTRAL INDEX KEY:			0001503584
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34934
		FILM NUMBER:		25923738

	BUSINESS ADDRESS:	
		STREET 1:		7 RUE DU GABIAN
		CITY:			MONACO
		STATE:			O9
		ZIP:			MC98000
		BUSINESS PHONE:		377(93)250940

	MAIL ADDRESS:	
		STREET 1:		7 RUE DU GABIAN
		CITY:			MONACO
		STATE:			O9
		ZIP:			MC98000
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>f6k_050825.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, D.C. 20549</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>FORM 6-K</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR<BR>
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>For the month of May 2025</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Commission File Number: 001-34934</B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>COSTAMARE INC.<BR>
</B></FONT>(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>7 rue du Gabian, MC 98000 Monaco<BR>
</B> (Address of principal executive office)</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

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<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt">Exhibit 99.2 to this Report on Form 6-K shall be incorporated by reference into our registration
statements on Form F-3, as filed with the U.S. Securities and Exchange Commission on July 6, 2016 (File No. 333-212415) and March 29,
2024 (File No. 333-278366), to the extent not superseded by information subsequently filed or furnished (to the extent we expressly state
that we incorporate such furnished information by reference) by us under the Securities Act of 1933 or the Securities Exchange Act of
1934, in each case as amended.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXHIBIT INDEX</B></P>

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    <TD STYLE="vertical-align: top; width: 7%; font-size: 10pt"><A HREF="exh_991.htm">99.1</A></TD>
    <TD STYLE="width: 93%; font-size: 10pt"><A HREF="exh_991.htm"><FONT STYLE="font-size: 10pt">Press Release, dated May 8, 2025: Costamare Inc. Reports Results for the First Quarter Ended March 31, 2025</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="exh_992.htm">99.2</A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="exh_992.htm"><FONT STYLE="font-size: 10pt">Financial Report for the First Quarter Ended March 31, 2025</FONT></A></TD></TR>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: May 8, 2025</P>

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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="4">COSTAMARE INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Gregory G. Zikos</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name:</TD>
    <TD COLSPAN="2">Gregory G. Zikos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:</TD>
    <TD COLSPAN="2">Chief Financial Officer</TD></TR>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" /><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" /></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Costamare Inc. Reports Results for the First Quarter Ended March 31, 2025</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
   <p align="justify">MONACO, May  08, 2025  (GLOBE NEWSWIRE) -- Costamare Inc. (&#8220;Costamare&#8221; or the &#8220;Company&#8221;) (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2025 (&#8220;Q1 2025&#8221;).</p>    <p align="justify"><strong>I.&#160;</strong><strong>PROFITABILITY AND LIQUIDITY</strong><br /></p>    <ul type="disc"><li style="margin-top:6pt; text-align:justify;">Q1 2025 Net Income available to common stockholders of $95.0 million ($0.79 per share).<br /></li><li style="margin-top:6pt; text-align:justify;">Q1 2025 Adjusted Net Income available to common stockholders<sup>1</sup> of $73.3 million ($0.61 per share).</li><li style="margin-top:6pt; text-align:justify;">Q1 2025 liquidity of $1,022.6 million<sup>2</sup>.</li></ul>    <p align="justify"><strong>II.&#160;</strong><strong>COMPLETION OF SPIN-OFF OF COSTAMARE&#8217;S DRY BULK BUSINESS</strong></p>    <p align="justify">As announced on May 7, 2025, the spin-off of Costamare's dry bulk business into a standalone public company (the &#8220;Spin-Off&#8221;) was completed on May 6, 2025, by way of a pro rata distribution of Costamare Bulkers Holdings Limited (&#8220;CMDB&#8221; or &#8220;Costamare Bulkers&#8221;) shares to Costamare shareholders. In the distribution, each Costamare shareholder received one common share of CMDB for every five Costamare common shares they held as of the close of business on April 29, 2025, the record date of the distribution. For additional information relating to the Spin-off, please see CMDB&#8217;s Registration Statement on Form 20-F (File No. 001-42581) filed with the U.S. Securities and Exchange Commission, which is available at www.sec.gov.</p>    <p align="justify">&#160;<strong>III.&#160;</strong><strong>OWNED FLEET CHARTER UPDATE</strong><sup><strong>3</strong></sup><strong> - FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025</strong></p>    <ul type="disc"><li style="margin-top:6pt; text-align:justify;">100% and 73% of the containership fleet<sup>4</sup> fixed for 2025 and 2026, respectively.</li><li style="margin-top:6pt; text-align:justify;">Contracted revenues for the containership fleet of approximately $2.3 billion with a TEU-weighted duration of 3.3 years<sup>5</sup>.</li><li style="margin-top:6pt; text-align:justify;">As of May 5, 2025, entered into more than 25 chartering agreements for the owned dry bulk fleet since Q4 2024 earnings release. The owned dry bulk fleet was included in the Spin-Off.</li></ul>    <p>____________________</p>    <p><sub><sup>1</sup> Adjusted Net Income available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare&#8217;s financial results presented in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.</sub><br /><sub><sup>2</sup> Including margin deposits relating mainly to our forward freight agreements (&#8220;FFAs&#8221;) and bunker swaps of $35.9 million, short term investments in U.S. Treasury Bills amounting to $18.7 million and $100.0 million from one hunting license facility subject to final documentation as of March 31, 2025 (the Company signed the hunting license facility in April 2025, following which this facility was transferred to CMDB in connection with the Spin-Off). </sub><br /><sub><sup>3</sup> Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.</sub><br /><sub><sup>4</sup> Calculated on a TEU basis.</sub><br /><sub><sup>5</sup> As of May 7, 2025.</sub></p>    <p align="justify"><strong>IV.&#160;</strong><strong>SALE AND PURCHASE ACTIVITY</strong><br /></p>    <p><u>Vessel Disposals </u></p>    <ul type="disc"><li style="margin-top:12pt;">Conclusion of the sale of the 2008-built, 76,619 DWT capacity dry bulk vessel, <em>Rose</em>, in April 2025, generating net sale proceeds after debt prepayment of $4.1 million.</li><li style="margin-top:12pt;">Agreement for the sale of the 2010-built, 31,775 DWT capacity dry bulk vessel, <em>Resource</em> (expected conclusion of the sale within Q2 2025). Estimated net sale proceeds after debt prepayment of $3.3 million.</li></ul>    <p align="justify"><strong>V.&#160;</strong><strong>NEW DEBT FINANCING - PREPAYMENT OF DRY BULK VESSELS LOANS</strong></p>    <ul type="disc"><li style="margin-top:6pt; text-align:justify;">Refinanced the existing indebtedness of <em>Polar Brasil</em> (originally maturing in 2025) through a $23.5 million loan facility agreement with a European financial institution. The new facility has a maturity of 5 years and there is no increase in leverage.</li><li style="margin-top:6pt; text-align:justify;">Costamare has no significant debt maturities until 2027.<br /></li></ul>    <p align="justify">Transactions that occurred after the end of Q1 2025 and that are relevant to CMDB, the spun-off entity:</p>    <ul type="disc"><li style="margin-top:6pt; text-align:justify;">In April 2025, Costamare prepaid $150.2 million of its dry bulk vessels bank debt.</li><li style="margin-top:6pt; text-align:justify;">Conclusion of a $100 million hunting license agreement with a European financial institution for the financing of dry bulk vessels. In connection with the Spin-off, Costamare has been released as guarantor under this agreement.</li></ul>    <p align="justify"><strong>VI.&#160;</strong><strong>DRY BULK OPERATING PLATFORM</strong><br /></p>    <p align="justify">As of May 5, 2025:</p>    <ul type="disc"><li style="margin-top:6pt;">Costamare Bulkers Inc. (&#8220;CBI&#8221;) had fixed a fleet of 48<sup>6</sup> dry bulk vessels on period charters, consisting of:  <ul type="disc"><li style="margin-top:6pt;">36 Newcastlemax/ Capesize vessels.</li><li style="margin-top:6pt;">12 Kamsarmax vessels.</li></ul>  </li><li style="margin-top:6pt; text-align:justify;">Majority of the fixed fleet was on index linked charter-in agreements, consisting of:  <ul type="disc"><li style="margin-top:6pt; text-align:justify;">31 charters for Newcastlemax/ Capesize vessels that are index linked.</li><li style="margin-top:6pt; text-align:justify;">7 charters for Kamsarmax vessels that are index linked.</li></ul>  </li><li style="margin-top:6pt; text-align:justify;">Average remaining tenor for the Newcastlemax/ Capesize and Kamsarmax chartered-in fleet of 12 and 9 months, respectively.<br /></li></ul>    <p align="justify">The CBI trading platform was included in the Spin-Off.</p>    <p align="justify">&#160;<strong>VII.&#160;</strong><strong>LEASE FINANCING PLATFORM</strong></p>    <ul type="disc"><li style="margin-top:6pt; text-align:justify;">Controlling interest in Neptune Maritime Leasing Limited (&#8220;NML&#8221;).</li></ul>    <ul type="disc"><li style="margin-top:6pt; text-align:justify;">Company&#8217;s current investment in NML of $123.3 million.</li><li style="margin-top:6pt; text-align:justify;">Growing leasing platform, currently funding or committed to funding 41 shipping assets as of the date of this press release, representing a total investment of approximately $530.6 million, on the back of what we believe is a healthy pipeline.</li></ul>    <p>____________________</p>    <p><sub><sup>6</sup> Four Capesize vessels have been chartered in from our owned fleet.</sub></p>    <p align="justify"><strong>VIII.&#160;</strong><strong>DIVIDEND ANNOUNCEMENTS </strong></p>    <ul type="disc"><li style="margin-top:6pt; text-align:justify;">On April 2, 2025, the Company declared a dividend of $0.115 per share on the common stock, which was paid on May 6, 2025, to holders of record of common stock as of April 17, 2025.</li><li style="margin-top:6pt; text-align:justify;">On April 2, 2025, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on April 15, 2025 to holders of record as of April 14, 2025.<br /></li></ul>    <p align="justify"><strong>Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:</strong></p>    <p align="justify">&#8220;During the first quarter of the year, the Company generated Net Income of about $95 million.</p>    <p align="justify">As announced on May 7, we successfully completed the spin-off of Costamare Bulkers, which encompasses the 37 owned dry bulk vessels as well as the CBI operating platform. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing.</p>    <p align="justify">The business separation unlocks hidden value and better positions the two separate listed companies to pursue distinct operating and strategic initiatives in the containership and the dry bulk sectors.</p>    <p align="justify">Regarding the containership market, while geopolitical challenges and economic uncertainties impact global trade, demand for containership vessels has up to now maintained momentum. The commercially idle fleet remains below 1%, indicating a fully employed market.</p>    <p align="justify">Regarding the proposed USTR fees, fleet redeployments and network reorganizations may initially result in inefficiencies boosting tonnage demand.</p>    <p align="justify">Our containership fleet employment stands at 100% and 73% for 2025 and 2026, respectively. Total contracted revenues amount to $2.3 billion with a remaining time charter duration of 3.3 years.</p>    <p align="justify">On the dry bulk sector, both Capesize and Panamax markets experienced a challenging start of the year. The cape market rebounded strongly in March, supported by improved Australia and Brazil iron ore shipments and tighter vessel availability. The panamax activity picked up, as expected, post-Chinese New Year supported by recovering grain flows.</p>    <p align="justify">Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, total investments and commitments are exceeding $530 million with a healthy pipeline.&#8221;</p>  <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="8" style="text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Financial Summary</strong></td></tr><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="3" style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><strong>Three-month period ended March 31,</strong></td></tr><tr><td style="max-width:63%; width:63%; min-width:63%;;vertical-align: bottom ; ">(Expressed in thousands of U.S. dollars, except share and per share data)</td><td style="max-width:1%; width:1%; min-width:1%;;border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:16%; width:16%; min-width:16%;;border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td><td style="max-width:1%; width:1%; min-width:1%;;border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:16%; width:16%; min-width:16%;;border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2025</strong></td><td style="max-width:1%; width:1%; min-width:1%;;border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td><td colspan="3" style="vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; 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In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates. <br />(2) Total voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash &#8220;Accrued charter revenue&#8221; recorded under charters with escalating or descending charter rates. However, Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements of our fleet are described in the notes to the &#8220;Fleet List&#8221; tables below.<br />(3) Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share.</p>    <p align="center"><strong>Non-GAAP Measures</strong></p>    <p align="justify">The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company&#8217;s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month periods ended March 31, 2025 and 2024. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per Share.</p>    <p><strong><u>Exhibit I </u></strong><br /><strong>Reconciliation of Net Income to Adjusted Net Income available to common stockholders and Adjusted Earnings per Share</strong></p>  <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="5" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Three-month period ended March 31,</strong></td></tr><tr><td style="max-width:64%; width:64%; min-width:64%;;vertical-align: bottom ; ">(Expressed in thousands of U.S. dollars, except share and per share data)</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; 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padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">118,628,891</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">119,960,329</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="7" style="vertical-align: bottom ; ">&#160;</td></tr></table>  <p align="justify">Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and Non-Controlling Interest, but before non-cash &#8220;Accrued charter revenue&#8221; recorded under charters with escalating or descending charter rates, deferred charter-in expense, amortization of time-charter assumed, vessel&#8217;s impairment loss, loss on vessels held for sale, realized (gain)/loss on Euro/USD forward contracts, gain on sale of vessels, net , non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component, gain on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items. &#8220;Accrued charter revenue&#8221; is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.</p>    <p align="justify">(1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income available to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders.<br /></p>    <p align="justify"><strong>Results of Operations</strong></p>    <p align="justify"><strong><em>Three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024</em></strong></p>    <p align="justify">During the three-month periods ended March 31, 2025 and 2024, we had an average of 106.0 and 107.9 vessels, respectively, in our owned fleet. In addition, during the three-month periods ended March 31, 2025 and 2024, through our dry bulk operating platform Costamare Bulkers Inc. (&#8220;CBI&#8221;) we chartered-in an average of 55.1 and 57.0 third party dry bulk vessels, respectively. As of May 5, 2025, CBI charters in 48 dry bulk vessels on period charters, out of which four dry bulk vessels had been chartered-in from our owned fleet.</p>    <p align="justify">During the three-month period ended March 31, 2025, we did not sell or purchase any vessels. During the three-month period ended March 31, 2024, we sold the dry-bulk vessels <em>Manzanillo</em>,<em> Progress</em>,<em> Konstantinos</em>,<em> Merida</em>,<em> Alliance</em> and <em>Pegasus</em> with an aggregate DWT capacity of 246,151 and took delivery of the dry-bulk vessel <em>Miracle </em>with a DWT of 180,643.</p>    <p align="justify">As of March 31, 2025,&#160;we have&#160;invested&#160;in Neptune Maritime Leasing Limited (&#8220;NML&#8221;) the amount of&#160;$123.3 million.</p>    <p align="justify">In the three-month periods ended March 31, 2025 and 2024, our fleet ownership days totaled 9,540 and 9,820 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels&#8217; operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.</p>    <p align="justify"><strong>Consolidated Financial Results and Vessels&#8217; Operational Data</strong></p>  <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td rowspan="2" style="max-width:43%; min-width:43%;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">(Expressed in millions of U.S. dollars,<br />except percentages)<br /><br /><br /></td><td style="max-width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td><td colspan="6" style="max-width:12%; min-width:12%;;border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Three-month period ended<br />March 31,</strong><strong><br /></strong></td><td style="max-width:1%; min-width:1%;;text-align: center ; 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">0.7</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">12.5</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">%</td></tr><tr><td style="vertical-align: bottom ; ">Depreciation</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(40.5</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(41.7</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; 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Refer to &#8220;Consolidated Financial Results and Vessels&#8217; Operational Data&#8221; above for the reconciliation of Total voyage revenue adjusted on a cash basis.</p>    <p align="justify"><em>Total Voyage Revenue</em></p>    <p align="justify">Total voyage revenue decreased by 6.3%, or $29.6 million, to $440.6 million during the three-month period ended March 31, 2025, from $470.2 million during the three-month period ended March 31, 2024. The decrease is mainly attributable to (i) decreased revenue earned by CBI during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024, (ii) decreased charter rates in certain of our dry bulk and container vessels during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024 and (iii) revenue not earned by ten dry bulk vessels sold during the year ended December 31, 2024; partly offset by revenue earned by six dry bulk vessels acquired during the year ended December 31, 2024.</p>    <p align="justify">Total voyage revenue adjusted on a cash basis (which eliminates non-cash &#8220;Accrued charter revenue&#8221;) decreased by 7.0%, or $33.0 million, to $438.0 million during the three-month period ended March 31, 2025, from $471.0 million during the three-month period ended March 31, 2024. Accrued charter revenue for the three-month periods ended March 31, 2025 and 2024 was a negative amount of $2.6 million and a positive amount of $0.8 million, respectively.</p>    <p align="justify"><em>Income from investments in leaseback vessels</em></p>    <p align="justify">Income from investments in leaseback vessels was $5.7 million and $5.3 million for the three-month periods ended March 31, 2025 and 2024, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML&#8217;s operations during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.</p>    <p align="justify"><em>Voyage Expenses</em></p>    <p align="justify">Voyage expenses were $88.3 million and $95.4 million for the three-month periods ended March 31, 2025 and 2024, respectively. Voyage expenses mainly include (i) fuel consumption mainly related to dry bulk vessels, (ii) third-party commissions, (iii) port expenses and (iv) canal tolls.</p>    <p align="justify"><em>Charter-in Hire Expenses</em></p>    <p align="justify">Charter-in hire expenses were $111.5 million and $144.3 million for the three-month periods ended March 31, 2025 and 2024, respectively. Charter-in hire expenses are expenses relating to chartering-in of third-party dry bulk vessels under charter agreements through CBI.</p>    <p align="justify"><em>Voyage Expenses &#8211; related parties</em></p>    <p align="justify">Voyage expenses &#8211; related parties were $5.3 million and $3.6 million for the three-month periods ended March 31, 2025 and 2024, respectively. Voyage expenses &#8211; related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider, (ii) charter brokerage fees (in respect of our container vessels) payable to two related charter brokerage companies for an amount of approximately $0.4 million and $0.4 million, in the aggregate, for the three-month periods ended March 31, 2025 and 2024, respectively and (iii) address commission on certain charter-out agreements payable to a related agent (since the second quarter of 2024). This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent.</p>    <p align="justify"><em>Vessels&#8217; Operating Expenses</em></p>    <p align="justify">Vessels&#8217; operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $58.0 million and $59.7 million during the three-month periods ended March 31, 2025 and 2024, respectively. Daily vessels&#8217; operating expenses were $6,080 and $6,075 for the three-month periods ended March 31, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels&#8217; operating expenses for the period over the ownership days of the period.</p>    <p align="justify"><em>General and Administrative Expenses</em></p>    <p align="justify">General and administrative expenses were $7.3 million and $5.2 million during the three-month periods ended March 31, 2025 and 2024, respectively, and include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider.</p>    <p align="justify"><em>Management and Agency Fees &#8211; related parties</em></p>    <p align="justify">Management fees charged by our related party managers were $10.5 million and $11.3 million during the three-month periods ended March 31, 2025 and 2024, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $2.1 million and $3.5 million for the three-month periods ended March 31, 2025 and 2024, respectively. Furthermore, during the three-month periods ended March 31, 2025 and 2024, agency fees of $3.5 million and $3.3 million, in aggregate, were charged by four related agents in connection with the operations of CBI.</p>    <p align="justify"><em>General and Administrative Expenses - non-cash component</em></p>    <p align="justify">General and administrative expenses - non-cash component for the three-month period ended March 31, 2025 amounted to $1.5 million, representing the value of the shares issued to a related service provider on March 31, 2025. General and administrative expenses - non-cash component for the three-month period ended March 31, 2024 amounted to $1.7 million, representing the value of the shares issued to a related service provider on March 29, 2024.</p>    <p align="justify"><em>Amortization of Dry-Docking and Special Survey Costs</em></p>    <p align="justify">Amortization of deferred dry-docking and special survey costs was $6.3 million and $5.6 million during the three-month periods ended March 31, 2025 and 2024, respectively. During the three-month period ended March 31, 2025, three vessels underwent and completed their dry-docking and special survey and three vessels were in the process of completing their dry-docking and special survey. During the three-month period ended March 31, 2024, one vessel underwent and completed her dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.</p>    <p align="justify"><em>Depreciation </em></p>    <p align="justify">Depreciation expense for the three-month periods ended March 31, 2025 and 2024 was $41.7 million and $40.5 million, respectively.</p>    <p align="justify"><em>Gain on Sale of Vessels, net</em></p>    <p align="justify">During the three-month period ended March 31, 2025, none of our vessels were sold<em>. </em>During the three-month period ended March 31, 2024, we recorded a net gain of $1.0 million from the sale of the dry-bulk vessels <em>Manzanillo</em>,<em> Progress</em> and<em> Konstantinos</em>, each of which was classified as a vessel held for sale as of December 31, 2023, and from the sale of the dry-bulk vessels <em>Merida</em>,<em> Alliance</em> and <em>Pegasus</em>.</p>    <p align="justify"><em>Loss on Vessel Held for Sale</em></p>    <p align="justify">During the three-month period ended March 31, 2025, the dry-bulk vessel <em>Rose</em> was classified as a vessel held for sale and we recorded a loss on vessel held for sale of $4.7&#160;million, which resulted from its estimated fair value measurement less costs to sell. During the three-month period ended March 31, 2024, we did not record any loss on vessel held for sale.</p>    <p align="justify"><em>Vessel&#8217;s Impairment loss</em></p>    <p align="justify">During the three-month period ended March 31, 2025, we recorded an impairment loss in relation to one of our dry bulk vessels in the amount of $0.2 million. During the three-month period ended March 31, 2024, no impairment loss was recorded.</p>    <p align="justify"><em>Interest Income</em></p>    <p align="justify">Interest income amounted to $6.4 million and $8.3 million for the three-month periods ended March 31, 2025 and 2024, respectively.</p>    <p align="justify"><em>Interest and Finance Costs </em></p>    <p align="justify">Interest and finance costs were $28.4 million and $33.0 million during the three-month periods ended March 31, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance during the three-month period ended March 31, 2025, compared to the three-month period ended March 31, 2024.</p>    <p align="justify"><em>Gain on Derivative Instruments, net</em></p>    <p align="justify">As of March 31, 2025, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in &#8220;Other Comprehensive Income&#8221; (&#8220;OCI&#8221;). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.</p>    <p align="justify">As of March 31, 2025, the fair value of these instruments, in aggregate, amounted to a net asset of $10.9 million. During the three-month period ended March 31, 2025, the change in the fair value (fair value as of March 31, 2025 compared to fair value as of December 31, 2024) of the derivative instruments that qualify for hedge accounting resulted in a net loss of $6.4 million, which has been included in OCI. Furthermore, during the three-month period ended March 31, 2025 the change in the fair value (fair value as of March 31, 2025 compared to the fair value as of December 31, 2024) of the derivative instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter, resulted in a net gain of $15.0 million, which has been included in Gain on Derivative Instruments, net.</p>    <p><strong>Cash Flows</strong><br /><strong><em>Three-month periods ended March 31, 2025 and 2024</em></strong></p>  <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><strong>Condensed cash flows</strong></td><td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Three-month period ended March 31,</strong></td></tr><tr><td style="max-width:63%; width:63%; min-width:63%;;vertical-align: bottom ; 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vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr></table>  <p><strong><em>Net Cash Provided by Operating Activities </em></strong></p>    <p align="justify">Net cash flows provided by operating activities for the three-month period ended March 31, 2025, increased by $5.1 million to $143.1 million, from $138.0 million for the three-month period ended March 31, 2024. The increase is mainly attributable to the (i) favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis), (ii) decrease in interest payments (including interest rate derivatives net receipts) during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024, and (iii) increased cash from operations during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024; partly offset by the increased dry-docking and special survey costs during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024.</p>    <p align="justify"><strong><em>Net Cash Provided by Investing Activities</em></strong></p>    <p align="justify">Net cash provided by investing activities was $1.5 million in the three-month period ended March 31, 2025, which mainly consisted of receipts from the investments into which NML entered; partly offset by payments for upgrades for certain of our container and dry bulk vessels.</p>    <p align="justify">Net cash provided by investing activities was $34.6 million in the three-month period ended March 31, 2024, which mainly consisted of proceeds we received from the sale of the dry-bulk vessels <em>Manzanillo</em>,<em> Progress</em>,<em> Konstantinos</em>,<em> Merida</em>,<em> Alliance</em> and <em>Pegasus</em>; partly off-set by (i) settlement payment for the delivery of the secondhand dry bulk vessel <em>Miracle</em>, (ii) payments for upgrades for certain of our container and dry bulk vessels and (iii) payments for net investments into which NML entered.</p>    <p align="justify"><strong><em>Net Cash Used in Financing Activities</em></strong></p>    <p align="justify">Net cash used in financing activities was $54.4 million in the three-month period ended March 31, 2025, which mainly consisted of (i) $34.0 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $55.1 million we received from three debt financing agreements), (ii) $13.7 million we paid for dividends to holders of our common stock for the fourth quarter of 2024 and (iii) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (&#8220;Series B Preferred Stock&#8221;), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (&#8220;Series C Preferred Stock&#8221;) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (&#8220;Series D Preferred Stock&#8221;) for the period from October 15, 2024 to January 14, 2025.</p>    <p align="justify">Net cash used in financing activities was $28.0 million in the three-month period ended March 31, 2024, which mainly consisted of (i) $9.7 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $111.5 million we received from eight debt financing agreements), (ii) $9.3 million we paid for dividends to holders of our common stock for the fourth quarter of 2023 and (iii) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock, $2.2 million we paid for dividends to holders of our Series D Preferred Stock and $2.5 million we paid for dividends to holders of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock for the period from October 15, 2023 to January 14, 2024.</p>    <p><strong>Liquidity and Unencumbered Vessels</strong></p>    <p><strong><em>Cash and cash equivalents</em></strong></p>    <p align="justify">As of March 31, 2025, we had Cash and cash equivalents (including restricted cash) of $868.0 million, $18.7 million invested in short-dated US Treasury Bills (short-term investments) and $35.9 million margin deposits in relation mainly to our FFAs and bunker swaps. Furthermore, our liquidity stands at approximately $1,022.6 million accounting for a $100.0 million of a hunting license facility<sup>7</sup>.</p>    <p><strong><em>Debt-free vessels</em></strong></p>    <p>As of May 7, 2025, the following vessels were free of debt.</p>    <p align="center"><strong><u>Unencumbered Vessels</u></strong><sup><strong><u>8</u></strong></sup><br /><em> (Refer to Fleet list for full details)</em></p>  <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="max-width:63%; width:63%; min-width:63%;;vertical-align: bottom ; "><strong>Vessel Name</strong></td><td style="max-width:18%; width:18%; min-width:18%;;border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Year</strong><br /><strong>Built</strong></td><td style="max-width:1%; width:1%; min-width:1%;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:18%; width:18%; min-width:18%;;border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>TEU</strong><br /><strong>Capacity</strong></td></tr><tr><td style="vertical-align: bottom ; "><strong>Containerships</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">KURE</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">1996</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">7,403</td></tr><tr><td style="vertical-align: bottom ; ">MAERSK KOWLOON</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">2005</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">7,471</td></tr><tr><td style="vertical-align: bottom ; ">ETOILE</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">2005</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">2,556</td></tr><tr><td style="vertical-align: bottom ; ">MICHIGAN</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">2008</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">1,300</td></tr><tr><td style="vertical-align: bottom ; ">ARKADIA</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">2001</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">1,550</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table>  <p><strong>Conference Call details: </strong></p>    <p align="justify">On May 8, 2025 at 8:30 a.m. EST, Costamare&#8217;s management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or +1-412-317-9258 (from outside the US and the UK). Please quote &#8220;Costamare&#8221;. A replay of the conference call will be available until May 15, 2025. The United States replay number is +1-877-344-7529; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 2047557.</p>    <p align="justify"><strong>Live webcast:</strong> <br />There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.</p>    <p align="justify"><strong>About Costamare Inc.</strong></p>    <p align="justify">Costamare Inc. is one of the world&#8217;s leading owners and providers of containerships for charter. The Company has 51 years of history in the international shipping industry and a fleet of 68 containerships, with a total capacity of approximately 513,000 TEU. The Company participates in a lease financing business. The Company&#8217;s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols &#8220;CMRE&#8221;, &#8220;CMRE PR B&#8221;, &#8220;CMRE PR C&#8221; and &#8220;CMRE PR D&#8221;, respectively.</p>    <p align="justify">____________________</p>    <p align="justify"><sub><sup>7</sup> This hunting license facility was subject to final documentation as of March 31, 2025. The Company signed the hunting license facility in April 2025, following which this facility was transferred to CMDB in connection with the Spin-Off.</sub><br /><sub><sup>8</sup> Unencumbered dry bulk vessels are not included due to the Spin-off.</sub></p>    <p align="justify"><strong>Forward-Looking Statements</strong></p>    <p align="justify">This earnings release contains &#8220;forward-looking statements&#8221;. In some cases, you can identify these statements by forward-looking 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;may&#8221;, &#8220;should&#8221;, &#8220;could&#8221;, &#8220;expect&#8221; and similar expressions. These statements are not historical facts but instead represent only Costamare&#8217;s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare&#8217;s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company&#8217;s Annual Report on Form 20-F (File No. 001-34934) under the caption &#8220;Risk Factors&#8221;.</p>    <p><strong>Company Contacts:</strong><br /><br />Gregory Zikos &#8211; Chief Financial Officer <br />Konstantinos Tsakalidis &#8211; Business Development<br /><br />Costamare Inc., Monaco<br />Tel: (+377) 93 25 09 40<br />Email: ir@costamare.com</p>    <p><strong><u>Containership Fleet List</u></strong></p>    <p align="justify">The table below provides additional information, as of May 7, 2025, about our fleet of containerships, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.</p>  <table align="center" style="width:100%; border-collapse:collapse !important;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-collapse: collapse; "><tr><td style="max-width:7%; width:7%; min-width:7%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; ">&#160;</td><td style="max-width:10%; width:10%; min-width:10%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; "><strong>Vessel Name</strong></td><td style="max-width:17%; width:17%; min-width:17%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Charterer</strong></td><td style="max-width:17%; width:17%; min-width:17%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Year Built</strong></td><td style="max-width:17%; width:17%; min-width:17%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Capacity (TEU)</strong></td><td style="max-width:17%; width:17%; min-width:17%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Current Daily Charter Rate</strong><sup><strong>(</strong></sup><sup><strong>1)</strong></sup><strong> (U.S.&#160;dollars)</strong></td><td style="max-width:15%; width:15%; min-width:15%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Expiration of Charter</strong><sup><strong>(</strong></sup><sup><strong>2)</strong></sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>1</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">TRITON</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Evergreen</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2016</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">14,424</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>2</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">TITAN<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Evergreen</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2016</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">14,424</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>3</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">TALOS<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Evergreen</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2016</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">14,424</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>4</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">TAURUS<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Evergreen</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2016</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">14,424</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">August 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>5</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">THESEUS<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Evergreen</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2016</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">14,424</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">August 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>6</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">YM TRIUMPH<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Yang Ming</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2020</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">12,690</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">May 2030</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>7</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">YM TRUTH<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Yang Ming</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2020</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">12,690</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">May 2030</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>8</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">YM TOTALITY<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Yang Ming</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2020</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">12,690</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2030</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>9</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">YM TARGET<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Yang Ming</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2021</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">12,690</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">November 2030</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>10</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">YM TIPTOP<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Yang Ming</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2021</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">12,690</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2031</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>11</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">CAPE AKRITAS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2016</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">11,010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">33,000</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">August 2031</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>12</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">CAPE TAINARO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2017</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">11,010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">33,000</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2031</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>13</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">CAPE KORTIA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2017</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">11,010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">33,000</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">August 2031</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>14</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">CAPE SOUNIO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2017</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">11,010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">33,000</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2031</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>15</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">CAPE ARTEMISIO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Hapag Lloyd/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2017</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">11,010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">36,650/<sup>(</sup><sup>*) </sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">June 2030<sup>(3)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>16</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ZIM SHANGHAI</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">ZIM/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2006</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">9,469</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">72,700/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">May 2028<sup>(4)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>17</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">YANTIAN I</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">ZIM/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2006</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">9,469</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">72,700/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2028<sup>(5)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>18</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">YANTIAN</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">COSCO/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2006</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">9,469</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">May 2028<sup>(6)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>19</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">COSCO HELLAS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">COSCO/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2006</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">9,469</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">August 2028<sup>(7)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>20</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">BEIJING</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">COSCO/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2006</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">9,469</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2028<sup>(8)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>21</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MSC AZOV</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2014</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">9,403</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">35,300/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">December 2029<sup>(9)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>22</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MSC AMALFI</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2014</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">9,403</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">35,300</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2027</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>23</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MSC AJACCIO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2014</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">9,403</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">35,300</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">February 2027</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>24</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MSC ATHENS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,827</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">35,300/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">January 2029<sup>(10)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>25</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MSC ATHOS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,827</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">35,300/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">February 2029<sup>(11)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>26</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VALOR</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Hapag Lloyd/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,827</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">32,400/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">May 2030<sup>(12)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>27</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VALUE</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Hapag Lloyd/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,827</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">32,400/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">June 2030<sup>(13)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>28</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VALIANT</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Hapag Lloyd/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,827</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">32,400/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">June 2030<sup>(14)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>29</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VALENCE</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Hapag Lloyd/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,827</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">32,400/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2030<sup>(15)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>30</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VANTAGE</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Hapag Lloyd/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,827</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">32,400/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">September 2030<sup>(16)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>31</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">NAVARINO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,531</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2029</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>32</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">KLEVEN</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">1996</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,044</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">41,500/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2028<sup>(17)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>33</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">KOTKA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">1996</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">8,044</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">41,500/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">September 2028<sup>(18)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>34</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MAERSK KOWLOON</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk/MSC</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2005</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">7,471</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">18,500/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">October 2028<sup>(19)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>35</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">KURE</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">MSC/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">1996</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">7,403</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">41,500/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">August 2028<sup>(20)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>36</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">METHONI</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2003</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">6,724</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">47,453</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">August 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>37</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">PORTO CHELI</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2001</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">6,712</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">30,075</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">June 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>38</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">TAMPA I</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">ZIM/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2000</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">6,648</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">45,000/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2025 / June 2028<sup>(21)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>39</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ZIM VIETNAM</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">ZIM</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2003</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">6,644</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">38,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">December 2028<sup>(22)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>40</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ZIM AMERICA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">ZIM</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2003</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">6,644</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">38,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">December 2028<sup> (23)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>41</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ARIES</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2004</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">6,492</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">58,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>42</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ARGUS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2004</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">6,492</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">58,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>43</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">PORTO KAGIO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2002</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">5,908</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">28,822</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">June 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>44</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">GLEN CANYON</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">ZIM/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2006</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">5,642</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">62,500/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">June 2025/ April 2028<sup>(24)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>45</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">PORTO GERMENO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2002</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">5,570</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">28,822</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">June 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>46</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">LEONIDIO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2014</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,957</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">18,018</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">October 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>47</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">KYPARISSIA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2014</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,957</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">18,118</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">October 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>48</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MEGALOPOLIS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,957</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">14,043</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2027 <sup>(25)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>49</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MARATHOPOLIS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,957</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">14,044</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2027<sup>(26)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>50</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">GIALOVA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2009</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,578</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>51</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">DYROS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2008</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,578</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">35,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2027</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>52</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">NORFOLK</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup> (*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2009</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,259</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup> (*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2028<sup>(27)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>53</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VULPECULA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">ZIM</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,258</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Please refer to note 28</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">May 2028<sup>(28)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>54</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VOLANS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup> (*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,258</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup> (*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2027</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>55</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VIRGO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2009</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,258</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">35,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2027</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>56</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VELA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">ZIM</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2009</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,258</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Please refer to note 29</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2028<sup>(29)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>57</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ANDROUSA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,256</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>&nbsp;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>58</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">NEOKASTRO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">CMA CGM</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,178</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">39,000</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">February 2027</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>59</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ULSAN</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2002</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">4,132</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">34,730</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">January 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>60</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">POLAR BRASIL</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Maersk</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2018</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">3,800</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">21,000</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2026<sup>(30)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>61</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">LAKONIA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">COSCO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2004</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2,586</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">23,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">February 2027</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>62</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">SCORPIUS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Hapag Lloyd</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2007</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2,572</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">16,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">February 2026</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>63</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ETOILE</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2005</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2,556</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup> (*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">July 2028<sup>(</sup><sup>31</sup><sup>)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>64</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">AREOPOLIS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">COSCO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2000</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2,474</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">23,500</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">March 2027</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>65</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ARKADIA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">Swire Shipping/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2001</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">1,550</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">13,000/<sup>(</sup><sup>*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">October 2026 <sup>(</sup><sup>32</sup><sup>)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>66</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">MICHIGAN</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2008</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">1,300</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">October 2027<sup>(</sup><sup>33</sup><sup>)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>67</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">TRADER</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2008</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">1,300</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">October 2028<sup>(</sup><sup>34</sup><sup>)</sup></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>68</strong></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">LUEBECK</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup>(*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2001</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">1,078</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><sup> (*)</sup>/<sup>(*)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">April 2028 <sup>(</sup><sup>35</sup><sup>)</sup></td></tr></table>  <p align="justify"><br /></p>  <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="max-width:2%; width:2%; min-width:2%;;text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="max-width:2%; width:2%; min-width:2%;;text-align: justify ;  vertical-align: middle; vertical-align: top ; ">(1)</td><td style="max-width:3%; width:3%; min-width:3%;;text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="max-width:95%; width:95%; min-width:95%;;text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Daily charter rates are gross, unless stated otherwise. 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Each vessel was owned as of the aforementioned date by one of our subsidiaries. Following the Spin-off, the vessels are owned by CMDB.</p>  <table style="width:100%; border-collapse:collapse !important;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-collapse: collapse; "><tr><td style="max-width:7%; width:7%; min-width:7%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; ">&#160;</td><td style="max-width:19%; width:19%; min-width:19%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; "><strong>Vessel Name</strong></td><td style="max-width:37%; width:37%; min-width:37%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Year Built</strong></td><td style="max-width:37%; width:37%; min-width:37%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Capacity (DWT)</strong></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>1</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">FRONTIER</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">181,415</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>2</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">MIRACLE</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">180,643</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>3</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">PROSPER</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">179,895</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>4</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">DORADO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">179,842</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>5</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">MAGNES</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">179,546</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>6</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">ENNA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">175,975</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>7</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">AEOLIAN</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">83,478</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>8</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">GRENETA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">82,166</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>9</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">HYDRUS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">81,601</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>10</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">PHOENIX</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">81,569</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>11</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">BUILDER</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">81,541</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>12</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">FARMER</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">81,541</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>13</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">SAUVAN</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">79,700</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>14</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">MERCHIA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2015</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">63,585</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; vertical-align: top ; "><strong>15</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">DAWN</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2018</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">63,561</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>16</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">SEABIRD</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2016</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">63,553</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>17</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ORION</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2015</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">63,473</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>18</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">DAMON</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">63,301</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>19</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ARYA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">61,424</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>20</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ALWINE<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2014</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">61,090</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>21</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">AUGUST<sup>(</sup><sup>i</sup><sup>)</sup></td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2015</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">61,090</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>22</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ATHENA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">58,018</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>23</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ERACLE</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">58,018</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>24</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">PYTHIAS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">58,018</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>25</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">NORMA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">58,018</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>26</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">CURACAO</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">57,937</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>27</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">URUGUAY</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">57,937</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>28</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">SERENA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">57,266</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>29</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">LIBRA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2010</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">56,701</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>30</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">CLARA</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2008</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">56,557</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>31</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">BERMONDI</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2009</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">55,469</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>32</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">VERITY</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">37,163</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>33</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">PARITY</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2012</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">37,152</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>34</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">ACUITY</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">37,152</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>35</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">EQUITY</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2013</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">37,071</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; "><strong>36</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">BERNIS</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">2011</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">35,995</td></tr><tr><td style="vertical-align: middle; 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text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">335,056</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Finance lease liability</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">23,877</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">23,195</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Operating lease liabilities, current portion</td><td style="text-align: right ; 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">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">147</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Unearned revenue, net of current portion</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">14,620</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">13,047</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Other non-current liabilities</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">11,099</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">17,405</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong>Total non-current liabilities</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; 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vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Preferred stock</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Common stock</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">13</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">13</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Treasury stock</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(120,095</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(120,095</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Additional paid-in capital</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,336,646</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,338,198</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Retained earnings</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,279,605</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,360,708</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Accumulated other comprehensive income</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">17,345</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">10,995</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong>Total Costamare Inc. stockholders&#8217; equity</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2,513,514</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2,589,819</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Non-controlling interest</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">57,545</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">57,100</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong>Total stockholders&#8217; equity</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2,571,059</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2,646,919</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong>Total liabilities and stockholders&#8217; equity</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>5,148,687</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>5,127,810</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table></p><p /></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Financial Report</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Results of Operations</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Three-month period ended March 31, 2025 compared to the three-month
period ended March 31, 2024</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During the three-month periods ended March 31, 2025 and 2024, we had an
average of 106.0 and 107.9 vessels, respectively, in our owned fleet. In addition, during the three-month periods ended March 31, 2025
and 2024, through our dry bulk operating platform Costamare Bulkers Inc. (&ldquo;CBI&rdquo;) we chartered-in an average of 55.1 and 57.0
third party dry bulk vessels, respectively. As of May 5, 2025, CBI charters in 48 dry bulk vessels on period charters, out of which four
dry bulk vessels had been chartered-in from our owned fleet.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During the three-month period ended March 31, 2025, we did not sell or
purchase any vessels. During the three-month period ended March 31, 2024, we sold the dry-bulk vessels <I>Manzanillo</I>, <I>Progress</I>,
<I>Konstantinos</I>, <I>Merida</I>, <I>Alliance</I> and <I>Pegasus</I> with an aggregate DWT capacity of 246,151 and took delivery of
the dry-bulk vessel <I>Miracle </I>with a DWT of 180,643.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of March 31, 2025,&nbsp;we have&nbsp;invested&nbsp;in Neptune Maritime
Leasing Limited (&ldquo;NML&rdquo;) the amount of&nbsp;$123.3 million.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In the three-month periods ended March 31, 2025 and 2024, our fleet ownership
days totaled 9,540 and 9,820 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels&rsquo; operating
expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Consolidated Financial Results and Vessels&rsquo; Operational Data</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">(Expressed in millions of U.S. dollars, <BR>except percentages)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Percentage </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><B>2024</B></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-size: 10pt"><B>2025</B></TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><B>Change</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><B>Change</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Voyage revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">470.2</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">384.9</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(85.3</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(18.1</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Voyage revenue &ndash; related parties</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">55.7</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">55.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n.m.</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total voyage revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">470.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">440.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(29.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Income from investments in leaseback vessels</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Voyage expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(95.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(88.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7.1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Charter-in hire expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(144.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(111.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(32.8</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(22.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Voyage expenses &ndash; related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Vessels&rsquo; operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(59.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(58.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2.8</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Management and agency fees &ndash; related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4.1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">General and administrative expenses - non-cash component</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11.8</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Amortization of dry-docking and special survey costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(40.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(41.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Gain on sale of vessels, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n.m.</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Loss on vessel held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.7</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n.m.</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Vessel&rsquo;s impairment loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n.m.</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Foreign exchange gains / (losses)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n.m.</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.9</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(22.9</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Interest and finance costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(33.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(28.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13.9</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(83.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain on derivative instruments, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">23.3</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15.0</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">(8.3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">(35.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Net Income</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">102.7</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100.8</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">(Expressed in millions of U.S. dollars, <BR>except percentages)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Percentage</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2025</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font-size: 10pt; font-weight: bold">Change</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font-size: 10pt; font-weight: bold">Change</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Total voyage revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">470.2</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">440.6</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(29.6</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(6.3</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accrued charter revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.8</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n.m.</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Amortization of time-charter assumed</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n.m.</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt"><FONT STYLE="font-size: 10pt">Total voyage revenue adjusted on a cash basis <SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">471.0</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">438.0</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(33.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">Vessels&rsquo; operational data</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Percentage</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Change</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font-size: 10pt; font-weight: bold">Change</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt">Average number of vessels</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">107.9</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">106.0</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(1.9</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(1.8</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Ownership days</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,820</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,540</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(280</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2.9</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Number of vessels under dry-docking and special survey</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>(1) </SUP>Total voyage revenue adjusted
on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (&ldquo;GAAP&rdquo;). Refer to &ldquo;Consolidated
Financial Results and Vessels&rsquo; Operational Data&rdquo; above for the reconciliation of Total voyage revenue adjusted on a cash
basis.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Total Voyage Revenue</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Total voyage revenue decreased by 6.3%, or $29.6 million,
to $440.6 million during the three-month period ended March 31, 2025, from $470.2 million during the three-month period ended March 31,
2024. The decrease is mainly attributable to (i) decreased revenue earned by CBI during the three-month period ended March 31, 2025 compared
to the three-month period ended March 31, 2024, (ii) decreased charter rates in certain of our dry bulk and container vessels during the
three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024 and (iii) revenue not earned by ten dry
bulk vessels sold during the year ended December 31, 2024; partly offset by revenue earned by six dry bulk vessels acquired during the
year ended December 31, 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Total voyage revenue adjusted on a cash basis (which
eliminates non-cash &ldquo;Accrued charter revenue&rdquo;) decreased by 7.0%, or $33.0 million, to $438.0 million during the three-month
period ended March 31, 2025, from $471.0 million during the three-month period ended March 31, 2024. Accrued charter revenue for the three-month
periods ended March 31, 2025 and 2024 was a negative amount of $2.6 million and a positive amount of $0.8 million, respectively.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Income from investments in leaseback vessels</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Income from investments in leaseback vessels was $5.7
million and $5.3 million for the three-month periods ended March 31, 2025 and 2024, respectively. Income from investments in leaseback
vessels increased, period over period, due to the increased volume of NML&rsquo;s operations during the three-month period ended March
31, 2025 compared to the three-month period ended March 31, 2024. NML acquires, owns and bareboat charters out vessels through its wholly-owned
subsidiaries.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Voyage Expenses</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Voyage expenses were $88.3 million and $95.4 million
for the three-month periods ended March 31, 2025 and 2024, respectively. Voyage expenses mainly include (i) fuel consumption mainly related
to dry bulk vessels, (ii) third-party commissions, (iii) port expenses and (iv) canal tolls.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Charter-in Hire Expenses</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Charter-in hire expenses were $111.5 million and $144.3
million for the three-month periods ended March 31, 2025 and 2024, respectively. Charter-in hire expenses are expenses relating to chartering-in
of third-party dry bulk vessels under charter agreements through CBI.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Voyage Expenses &ndash; related parties</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Voyage expenses &ndash; related parties were $5.3 million
and $3.6 million for the three-month periods ended March 31, 2025 and 2024, respectively. Voyage expenses &ndash; related parties represent
(i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider,
(ii) charter brokerage fees (in respect of our container vessels) payable to two related charter brokerage companies for an amount of
approximately $0.4 million and $0.4 million, in the aggregate, for the three-month periods ended March 31, 2025 and 2024, respectively
and (iii) address commission on certain charter-out agreements payable to a related agent (since the second quarter of 2024). This commission
is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the
related agent.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Vessels&rsquo; Operating Expenses</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Vessels&rsquo; operating expenses, which also include
the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $58.0 million and $59.7
million during the three-month periods ended March 31, 2025 and 2024, respectively. Daily vessels&rsquo; operating expenses were $6,080
and $6,075 for the three-month periods ended March 31, 2025 and 2024, respectively. Daily operating expenses are calculated as vessels&rsquo;
operating expenses for the period over the ownership days of the period.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>General and Administrative Expenses</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">General and administrative expenses were $7.3 million
and $5.2 million during the three-month periods ended March 31, 2025 and 2024, respectively, and include amounts of $0.67 million and
$0.67 million, respectively, that were paid to a related service provider.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Management and Agency Fees &ndash; related parties</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Management fees charged by our related party managers
were $10.5 million and $11.3 million during the three-month periods ended March 31, 2025 and 2024, respectively. The amounts charged by
our related party managers include amounts paid to third party managers of $2.1 million and $3.5 million for the three-month periods ended
March 31, 2025 and 2024, respectively. Furthermore, during the three-month periods ended March 31, 2025 and 2024, agency fees of $3.5
million and $3.3 million, in aggregate, were charged by four related agents in connection with the operations of CBI.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>General and Administrative Expenses - non-cash component</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">General and administrative expenses - non-cash component
for the three-month period ended March 31, 2025 amounted to $1.5 million, representing the value of the shares issued to a related service
provider on March 31, 2025. General and administrative expenses - non-cash component for the three-month period ended March 31, 2024 amounted
to $1.7 million, representing the value of the shares issued to a related service provider on March 29, 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Amortization of Dry-Docking and Special Survey Costs</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Amortization of deferred dry-docking and special survey
costs was $6.3 million and $5.6 million during the three-month periods ended March 31, 2025 and 2024, respectively. During the three-month
period ended March 31, 2025, three vessels underwent and completed their dry-docking and special survey and three vessels were in the
process of completing their dry-docking and special survey. During the three-month period ended March 31, 2024, one vessel underwent and
completed her dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Depreciation </I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Depreciation expense for the three-month periods ended
March 31, 2025 and 2024 was $41.7 million and $40.5 million, respectively.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Gain on Sale of Vessels, net</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the three-month period ended March 31, 2025,
none of our vessels were sold<I>. </I>During the three-month period ended March 31, 2024, we recorded a net gain of $1.0 million from
the sale of the dry-bulk vessels <I>Manzanillo</I>, <I>Progress</I> and <I>Konstantinos</I>, each of which was classified as a vessel
held for sale as of December 31, 2023, and from the sale of the dry-bulk vessels <I>Merida</I>, <I>Alliance</I> and <I>Pegasus</I>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Loss on Vessel Held for Sale</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the three-month period ended March 31, 2025,
the dry-bulk vessel <I>Rose</I> was classified as a vessel held for sale and we recorded a loss on vessel held for sale of $4.7&nbsp;million,
which resulted from its estimated fair value measurement less costs to sell. During the three-month period ended March 31, 2024, we did
not record any loss on vessel held for sale.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Vessel&rsquo;s Impairment loss</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the three-month period ended March 31, 2025,
we recorded an impairment loss in relation to one of our dry bulk vessels in the amount of $0.2 million. During the three-month period
ended March 31, 2024, no impairment loss was recorded.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Interest Income</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Interest income amounted to $6.4 million and $8.3 million
for the three-month periods ended March 31, 2025 and 2024, respectively.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Interest and Finance Costs</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Interest and finance costs were $28.4 million and $33.0
million during the three-month periods ended March 31, 2025 and 2024, respectively. The decrease is mainly attributable to the decreased
interest expense due to a lower average loan balance during the three-month period ended March 31, 2025, compared to the three-month period
ended March 31, 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I></I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Gain on Derivative Instruments, net</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of March 31, 2025, we hold derivative financial
instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change
in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in &ldquo;Other Comprehensive Income&rdquo;
(&ldquo;OCI&rdquo;). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded
in the consolidated statements of income.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of March 31, 2025, the fair value of these instruments,
in aggregate, amounted to a net asset of $10.9 million. During the three-month period ended March 31, 2025, the change in the fair value
(fair value as of March 31, 2025 compared to fair value as of December 31, 2024) of the derivative instruments that qualify for hedge
accounting resulted in a net loss of $6.4 million, which has been included in OCI. Furthermore, during the three-month period ended March
31, 2025 the change in the fair value (fair value as of March 31, 2025 compared to the fair value as of December 31, 2024) of the derivative
instruments that do not qualify for hedge accounting, including the realized components of such derivative instruments during the quarter,
resulted in a net gain of $15.0 million, which has been included in Gain on Derivative Instruments, net.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Cash Flows</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Three-month periods ended March 31, 2025 and 2024</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">Condensed cash flows</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
March 31,</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(Expressed in millions of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Net Cash Provided by Operating Activities</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">138.0</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">143.1</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net Cash Provided by Investing Activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">34.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.5</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net Cash Used in Financing Activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(28.0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(54.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><I>Net Cash Provided by Operating Activities</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Net cash flows provided by operating activities for
the three-month period ended March 31, 2025, increased by $5.1 million to $143.1 million, from $138.0 million for the three-month period
ended March 31, 2024. The increase is mainly attributable to the (i) favorable change in working capital position, excluding the current
portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue
recognized on a straight-line basis), (ii) decrease in interest payments (including interest rate derivatives net receipts) during the
three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024, and (iii) increased cash from operations
during the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024; partly offset by the increased
dry-docking and special survey costs during the three-month period ended March 31, 2025 compared to the three-month period ended March
31, 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Net Cash Provided by Investing Activities</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash provided by investing activities was $1.5
million in the three-month period ended March 31, 2025, which mainly consisted of receipts from the investments into which NML entered;
partly offset by payments for upgrades for certain of our container and dry bulk vessels.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash provided by investing activities was $34.6
million in the three-month period ended March 31, 2024, which mainly consisted of proceeds we received from the sale of the dry-bulk vessels
<I>Manzanillo</I>, <I>Progress</I>, <I>Konstantinos</I>, <I>Merida</I>, <I>Alliance</I> and <I>Pegasus</I>; partly off-set by (i) settlement
payment for the delivery of the secondhand dry bulk vessel <I>Miracle</I>, (ii) payments for upgrades for certain of our container and
dry bulk vessels and (iii) payments for net investments into which NML entered.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><I>Net Cash Used in Financing Activities</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net cash used in financing activities was $54.4 million
in the three-month period ended March 31, 2025, which mainly consisted of (i) $34.0 million net payments relating to our debt financing
agreements and finance lease liability agreement (including proceeds of $55.1 million we received from three debt financing agreements),
(ii) $13.7 million we paid for dividends to holders of our common stock for the fourth quarter of 2024 and (iii) $0.9 million we paid
for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (&ldquo;Series B Preferred Stock&rdquo;),
$2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (&ldquo;Series C
Preferred Stock&rdquo;) and $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred
Stock (&ldquo;Series D Preferred Stock&rdquo;) for the period from October 15, 2024 to January 14, 2025.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Net cash used in financing activities was $28.0 million
in the three-month period ended March 31, 2024, which mainly consisted of (i) $9.7 million net payments relating to our debt financing
agreements and finance lease liability agreement (including proceeds of $111.5 million we received from eight debt financing agreements),
(ii) $9.3 million we paid for dividends to holders of our common stock for the fourth quarter of 2023 and (iii) $0.9 million we paid for
dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock, $2.2
million we paid for dividends to holders of our Series D Preferred Stock and $2.5 million we paid for dividends to holders of our 8.875%
Series E Cumulative Redeemable Perpetual Preferred Stock for the period from October 15, 2023 to January 14, 2024.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Liquidity and Unencumbered Vessels</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><B><I>Cash and cash equivalents</I></B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As of March 31, 2025, we had Cash and cash equivalents
(including restricted cash) of $868.0 million, $18.7 million invested in short-dated US Treasury Bills (short-term investments) and $35.9
million margin deposits in relation mainly to our FFAs and bunker swaps. Furthermore, our liquidity stands at approximately $1,022.6 million
accounting for a $100.0 million of a hunting license facility<SUP>1</SUP>.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><B><I>Debt-free vessels</I></B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">As of May 7, 2025, the following vessels were free of debt.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Unencumbered Vessels<SUP>2</SUP></U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>(Refer to Fleet list for full details)</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE align="center" CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 28%"><FONT STYLE="font-size: 10pt"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 25%"><FONT STYLE="font-size: 10pt"><B>Year<BR>
Built</B></FONT></TD>
    <TD STYLE="text-align: center; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 25%"><FONT STYLE="font-size: 10pt"><B>TEU <BR>
Capacity</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>Containerships</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">KURE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1996</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7,403</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">MAERSK KOWLOON</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2005</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7,471</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">ETOILE </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2005</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2,556</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">MICHIGAN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2008</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,300</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">ARKADIA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2001</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,550</TD>
    </TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>Conference Call details: </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On May 8, 2025 at 8:30 a.m. EST, Costamare&rsquo;s management team will
hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using
the following numbers: 1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or +1-412-317-9258 (from outside the US and the UK).
Please quote &ldquo;Costamare&rdquo;. A replay of the conference call will be available until May 15, 2025. The United States replay number
is +1-877-344-7529; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 2047557.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Live webcast:</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">There will also be a simultaneous live webcast over the Internet, through
the Costamare Inc. website (www.costamare.com). Participants to the live webcast should register on the website approximately 10 minutes
prior to the start of the webcast.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>About Costamare Inc.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Costamare Inc. is one of the world&rsquo;s leading owners and providers
of containerships for charter. The Company has 51 years of history in the international shipping industry and a fleet of 68 containerships,
with a total capacity of approximately 513,000 TEU. The Company participates in a lease financing business. The Company&rsquo;s common
stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the
symbols &ldquo;CMRE&rdquo;, &ldquo;CMRE PR B&rdquo;, &ldquo;CMRE PR C&rdquo; and &ldquo;CMRE PR D&rdquo;, respectively.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">____________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>1</SUP> This hunting license facility was subject to final
documentation as of March 31, 2025. The Company signed the hunting license facility in April 2025, following which this facility was
transferred to CMDB in connection with the Spin-Off.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>2</SUP> Unencumbered dry bulk vessels are not included due
to the Spin-off.</FONT></P>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This earnings release contains &ldquo;forward-looking statements&rdquo;.
In some cases, you can identify these statements by forward-looking words such as &ldquo;believe&rdquo;, &ldquo;intend&rdquo;, &ldquo;anticipate&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;project&rdquo;, &ldquo;forecast&rdquo;, &ldquo;plan&rdquo;, &ldquo;potential&rdquo;, &ldquo;may&rdquo;,
&ldquo;should&rdquo;, &ldquo;could&rdquo;, &ldquo;expect&rdquo; and similar expressions. These statements are not historical facts but
instead represent only Costamare&rsquo;s belief regarding future results, many of which, by their nature, are inherently uncertain and
outside of Costamare&rsquo;s control. It is possible that actual results may differ, possibly materially, from those anticipated in these
forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion
in the Company&rsquo;s Annual Report on Form 20-F (File No. 001-34934) under the caption &ldquo;Risk Factors&rdquo;.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Company Contacts:<BR>
<BR>
</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Gregory Zikos &ndash; Chief Financial Officer </FONT><BR>
<FONT STYLE="font-size: 10pt">Konstantinos Tsakalidis &ndash; Business Development</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;Costamare Inc., Monaco<BR>
Tel: (+377) 93 25 09 40</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Email: ir@costamare.com</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Containership Fleet List</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The table below provides additional information, as of May 7, 2025, about
our fleet of containerships, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning
it is a dedicated container vessel.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 7%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 28%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Charterer</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year <BR>
Built</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Capacity <BR>
(TEU)</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Current Daily <BR>
Charter Rate<SUP>(1)</SUP> <BR>
(U.S.&nbsp;dollars)</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Expiration of <BR>
Charter<SUP>(2)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">TRITON</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Evergreen</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">14,424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">TITAN<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Evergreen</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">14,424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">TALOS<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Evergreen</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">14,424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">TAURUS<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Evergreen</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">14,424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">August 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">THESEUS<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Evergreen</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">14,424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">August 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">YM TRIUMPH<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Yang Ming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12,690</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">May 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">YM TRUTH<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Yang Ming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12,690</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">May 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">YM TOTALITY<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Yang Ming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2020</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12,690</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">YM TARGET<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Yang Ming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12,690</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">November 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">YM TIPTOP<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Yang Ming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12,690</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CAPE AKRITAS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">11,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">33,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP>August 2031 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CAPE TAINARO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">11,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">33,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CAPE KORTIA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">11,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">33,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">August 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CAPE SOUNIO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">11,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">33,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CAPE ARTEMISIO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Hapag Lloyd/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">11,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">36,650/<SUP>(*) </SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June 2030<SUP>(3)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ZIM SHANGHAI </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ZIM/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">9,469</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;72,700/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">May 2028<SUP>(4)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>17</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">YANTIAN I </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ZIM/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">9,469</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;72,700/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2028<SUP>(5)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">YANTIAN</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">COSCO/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">9,469</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">May 2028<SUP>(6)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">COSCO HELLAS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">COSCO/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">9,469</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">August 2028<SUP>(7)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">BEIJING </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">COSCO/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">9,469</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2028<SUP>(8)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MSC AZOV</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">9,403</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,300/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">December 2029<SUP>(9)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MSC AMALFI</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">9,403</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MSC AJACCIO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">9,403</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">February 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MSC ATHENS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,827</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,300/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">January 2029<SUP>(10)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MSC ATHOS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,827</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,300/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">February 2029<SUP>(11)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VALOR</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Hapag Lloyd/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,827</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">32,400/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">May 2030<SUP>(12)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>27</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VALUE</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Hapag Lloyd/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,827</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT><FONT STYLE="font-size: 10pt">32,400/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June 2030<SUP>(13)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>28</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VALIANT</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Hapag Lloyd/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,827</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT><FONT STYLE="font-size: 10pt">32,400/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June 2030<SUP>(14)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>29</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VALENCE</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Hapag Lloyd/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,827</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">32,400/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2030<SUP>(15)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VANTAGE</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Hapag Lloyd/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,827</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">32,400/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 2030<SUP>(16)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>31</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NAVARINO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;MSC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,531</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2029 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>32</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">KLEVEN</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1996</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,044</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">41,500/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2028<SUP>(17)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>33</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">KOTKA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1996</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,044</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">41,500/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 2028<SUP>(18) </SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>34</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MAERSK KOWLOON</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk/MSC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2005</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">7,471</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">18,500/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">October 2028<SUP>(19)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>35</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">KURE</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">MSC/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1996</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">7,403</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">41,500/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">August 2028<SUP>(20)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">METHONI</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2003</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,724</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">47,453 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">August 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>37</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">PORTO CHELI</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2001</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,712</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">30,075</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>38</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;TAMPA I </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ZIM/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,648</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">45,000/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2025 / June 2028<SUP>(21)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>39</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ZIM VIETNAM </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ZIM</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2003</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,644</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">38,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">December 2028<SUP>(22)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>40</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ZIM AMERICA </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ZIM</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2003</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,644</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">38,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">December 2028 <SUP>(23)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>41</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ARIES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,492</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">58,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>42</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ARGUS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,492</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">58,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>43</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">PORTO KAGIO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2002</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">5,908</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">28,822</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>44</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">GLEN CANYON</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ZIM/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">5,642</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">62,500/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June 2025/ April 2028<SUP>(24)</SUP></FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 7%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 28%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Charterer</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year <BR>
Built</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Capacity <BR>
(TEU)</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Current Daily <BR>
Charter Rate<SUP>(1)</SUP> <BR>
(U.S.&nbsp;dollars)</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Expiration of <BR>
Charter<SUP>(2)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-size: 10pt"><B>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 28%"><FONT STYLE="font-size: 10pt">PORTO GERMENO</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 17%"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 10pt">2002</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 9%"><FONT STYLE="font-size: 10pt">5,570</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt">28,822</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 18%"><FONT STYLE="font-size: 10pt">June 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>46</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">LEONIDIO</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,957</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">18,018</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">October 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>47</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">KYPARISSIA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,957</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">18,118</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">October 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>48</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MEGALOPOLIS</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,957</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">14,043</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2027 <SUP>(25)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>49</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MARATHOPOLIS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,957</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">14,044</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2027<SUP>(26)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>50</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">GIALOVA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,578</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>51</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">DYROS</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2008</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,578</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>52</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NORFOLK</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,259</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2028<SUP>(27)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>53</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VULPECULA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ZIM</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,258</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Please refer to note 28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">May 2028<SUP>(28)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>54</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VOLANS</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,258</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>55</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VIRGO</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,258</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>56</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VELA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">ZIM</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,258</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Please refer to note 29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2028<SUP>(29)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>57</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ANDROUSA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,256</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>58</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NEOKASTRO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">CMA CGM</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,178</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">39,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">February 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>59</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ULSAN</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2002</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">34,730</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">January 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>60</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">POLAR BRASIL &nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maersk</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">3,800</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">21,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2026<SUP>(30)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>61</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">LAKONIA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">COSCO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2,586</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">23,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">February 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>62</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">SCORPIUS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Hapag Lloyd</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2,572</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">16,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">February 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>63</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ETOILE </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2005</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2,556</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 2028<SUP>(31)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>64</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">AREOPOLIS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">COSCO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2,474</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">23,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">March 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>65</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ARKADIA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Swire Shipping/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2001</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,550</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">13,000/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">October 2026 <SUP>(32)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>66</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MICHIGAN</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2008</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">October 2027<SUP>(33)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>67</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">TRADER</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2008</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">October 2028<SUP>(34)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>68</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt">LUEBECK</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2001</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,078</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;(*)</SUP>/<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 2028 <SUP>(35)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate
are the amounts contained in the charter contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Charter terms and expiration dates are based on the earliest date charters (unless otherwise noted) could
expire.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify"><I>Cape Artemisio</I> is currently chartered to <I>Hapag Lloyd</I> at a daily rate of $36,650 until June
2025 (earliest redelivery) - September 2025 (latest redelivery). Upon redelivery of the vessel from <I>Hapag Lloyd</I>, the vessel will
commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify"><I>Zim Shanghai </I>is currently chartered to <I>ZIM</I> at a daily rate of $72,700 until July 1, 2025,
at the earliest. Upon redelivery of the vessel from <I>ZIM</I>, the vessel will commence a new charter with a leading liner company for
a period of 34 to 36 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify"><I>Yantian I </I> is currently chartered to <I>ZIM</I> at a daily rate of $72,700 until
June 27, 2025, at the earliest. Upon redelivery of the vessel from <I>ZIM</I>, the vessel will commence a new charter with a leading liner
company for a period of 34 to 36 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify"><I>Yantian</I> is currently chartered to <I>COSCO</I> at an undisclosed rate until May 1, 2026, at the
earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months
at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: justify"><I>Cosco Hellas</I> is currently chartered to <I>COSCO</I> at an undisclosed rate until August 1, 2026,
at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26
months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: justify"><I>Beijing </I>is currently chartered to <I>COSCO</I> at an undisclosed rate until July 1, 2026, at the
earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months
at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: justify"><I>MSC Azov </I>is currently chartered to <I>MSC</I> at a daily rate of $35,300 until December 2026 (earliest
redelivery) - January 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new
charter with a leading liner company until December 2029 (earliest redelivery) - February 2030 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: justify"><I>MSC Athens </I>is currently chartered to <I>MSC</I> at a daily rate of $35,300 until January 2026 (earliest
redelivery) - March 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new
charter with a leading liner company until January 2029 (earliest redelivery) - March 2029 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 8 -->
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(11)</TD><TD STYLE="text-align: justify"><I>MSC Athos </I>is currently chartered to <I>MSC</I> at a daily rate of $35,300 until February 2026 (earliest
redelivery) - April 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new
charter with a leading liner company until February 2029 (earliest redelivery) - April 2029 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(12)</TD><TD STYLE="text-align: justify"><I>Valor</I> is currently chartered to <I>Hapag Lloyd</I> at a daily rate of $32,400 until May 10, 2025,
at the earliest. Upon redelivery of the vessel from <I>Hapag Lloyd</I>, the vessel will commence a new charter with a leading liner company
for a period of 60 to 64 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(13)</TD><TD STYLE="text-align: justify"><I>Value</I> is currently chartered to <I>Hapag Lloyd</I> at a daily rate of $32,400 until June 19, 2025,
at the earliest. Upon redelivery of the vessel from <I>Hapag Lloyd</I>, the vessel will commence a new charter with a leading liner company
for a period of 60 to 64 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(14)</TD><TD STYLE="text-align: justify"><I>Valiant</I> is currently chartered to <I>Hapag Lloyd</I> at a daily rate of $32,400 until June 7, 2025,
at the earliest. Upon redelivery of the vessel from <I>Hapag Lloyd</I>, the vessel will commence a new charter with a leading liner company
for a period of 60 to 64 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(15)</TD><TD STYLE="text-align: justify"><I>Valence </I>is currently chartered to <I>Hapag Lloyd</I> at a daily rate of $32,400 until July 3, 2025,
at the earliest. Upon redelivery of the vessel from <I>Hapag Lloyd</I>, the vessel will commence a new charter with a leading liner company
for a period of 60 to 64 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(16)</TD><TD STYLE="text-align: justify"><I>Vantage </I>is currently chartered to <I>Hapag Lloyd</I> at a daily rate of $32,400 until September
8, 2025, at the earliest. Upon redelivery of the vessel from <I>Hapag Lloyd</I>, the vessel will commence a new charter with a leading
liner company for a period of 60 to 64 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(17)</TD><TD STYLE="text-align: justify"><I>Kleven </I>is currently chartered to <I>MSC</I> at a daily rate of $41,500 until November 2026 (earliest
redelivery) - January 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new
charter with a leading liner company until April 2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(18)</TD><TD STYLE="text-align: justify"><I>Kotka </I>is currently chartered to <I>MSC</I> at a daily rate of $41,500 until December 2026 (earliest
redelivery) - February 2027 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a
new charter with a leading liner company until September 2028 (earliest redelivery) - November 2028 (latest redelivery) at an undisclosed
rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(19)</TD><TD STYLE="text-align: justify"><I>Maersk Kowloon </I>is currently chartered
                                            to <I>Maersk</I> at a daily rate of $18,500 until October 2025 (earliest redelivery) - January
                                            2026 (latest redelivery). Upon redelivery of the vessel from <I>Maersk</I>, the vessel will
                                            commence a new charter with <I>MSC</I> for a period of 36 to 38 months at an undisclosed
                                            rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(20)</TD><TD STYLE="text-align: justify"><I>Kure </I>is currently chartered to <I>MSC</I> at a daily rate of $41,500 until July 2026 (earliest
redelivery) - September 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a
new charter with a leading liner company until August 2028 (earliest redelivery) - October 2028 (latest redelivery) at an undisclosed
rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(21)</TD><TD STYLE="text-align: justify"><I>Tampa I </I>is currently chartered to <I>ZIM</I> at a daily rate of $45,000 until July 2025 (earliest
redelivery) - August 2025 (latest redelivery). Upon redelivery of the vessel from <I>ZIM</I>, the vessel will commence a new charter with
a leading liner company for a period of 34 to 36 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(22)</TD><TD STYLE="text-align: justify"><I>ZIM Vietnam</I> is currently chartered at a daily rate of $53,000 until October 17, 2025. From such
date and until the expiration of the charter the new daily rate will be $38,500.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(23)</TD><TD STYLE="text-align: justify"><I>ZIM America</I> is currently chartered at a daily rate of $53,000 until October 3, 2025. From such
date and until the expiration of the charter the new daily rate will be $38,500.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(24)</TD><TD STYLE="text-align: justify"><I>Glen Canyon</I> is currently chartered to <I>ZIM</I> at a daily rate of $62,500 until June 2025 (earliest
redelivery) - September 2025 (latest redelivery). Upon redelivery of the vessel from <I>ZIM</I>, the vessel will commence a new charter
with a leading liner company for a period of 34 to 36 months at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(25)</TD><TD STYLE="text-align: justify"><I>Megalopolis</I>, is currently chartered
                                            to <I>Maersk</I> at a daily rate of $14,043 until July 12, 2025. Following the aforementioned
                                            date, the new daily rate will be $14,500 for a period of 24 to 28 months.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(26)</TD><TD STYLE="text-align: justify"><I>Marathopolis</I>, is currently chartered
                                            to <I>Maersk</I> at a daily rate of $14,044 until July 30, 2025. Following the aforementioned
                                            date, the new daily rate will be $14,500 for a period of 24 to 28 months.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(27)</TD><TD STYLE="text-align: justify"><I>Norfolk</I> is currently chartered until May 19, 2025. Upon redelivery of the vessel from its current
charterer, the vessel will commence a new charter with a leading liner company until March 2028 (earliest redelivery) - May 2028 (latest
redelivery) at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(28)</TD><TD STYLE="text-align: justify"><I>Vulpecula</I> is currently chartered to <I>ZIM </I>under a charterparty agreement which commenced in
May 2023. The tenor of the charter is for a period of 60 to 64 months. For this charter, the daily rate is $99,000 for the first 12 month
period, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(29)</TD><TD STYLE="text-align: justify"><I>Vela</I> is currently chartered to <I>ZIM </I>under a charterparty agreement which commenced in April
2023. The tenor of the charter is for a period of 60 to 64 months. For this charter, the daily rate is $99,000 for the first 12 month
period, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(30)</TD><TD STYLE="text-align: justify">Charterer has the option to extend the current
                                            time charter for two additional one-year periods at the same daily rate of $21,000.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(31)</TD><TD STYLE="text-align: justify"><I>Etoile</I> is currently chartered until June 2026 (earliest redelivery) - September 2026 (latest redelivery).
Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until July
2028 (earliest redelivery) - August 2028 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(32)</TD><TD STYLE="text-align: justify"><I>Arkadia</I> is currently chartered at a daily rate of $13,000 until June 7, 2025, at the earliest. Upon redelivery of
the vessel from <I>Swire Shipping</I>, the vessel will commence a new charter with a leading liner company until October 2026 (earliest
redelivery) - December 2028 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(33)</TD><TD STYLE="text-align: justify"><I>Michigan</I> is currently chartered until October 2025 (earliest redelivery) - December 2025 (latest
redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company
until October 2027 (earliest redelivery) - December 2027 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(34)</TD><TD STYLE="text-align: justify"><I>Trader</I> is currently chartered until October 2026 (earliest redelivery) - December 2026 (latest
redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company
until October 2028 (earliest redelivery) - December 2028 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(35)</TD><TD STYLE="text-align: justify"><I>Luebeck</I> is currently chartered until April 2026 (earliest redelivery) - June 2026 (latest redelivery).
Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until April
2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 25.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Denotes vessels subject to a sale and leaseback transaction.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(*) Denotes charterer&rsquo;s identity and/or current daily charter rates
and/or charter expiration dates, which are treated as confidential.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Dry Bulk Vessel Fleet List</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The table below provides information, about our owned fleet of dry bulk
vessels as of May 5, 2025. Each vessel was owned as of the aforementioned date by one of our subsidiaries. Following the Spin-off, the
vessels are owned by CMDB.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 14%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 54%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year <BR>
Built</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 2.25pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Capacity <BR>
(DWT)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">FRONTIER</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">181,415</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">MIRACLE</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">180,643</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">PROSPER</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">179,895</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">DORADO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">179,842</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">MAGNES</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">179,546</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">ENNA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">175,975</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">AEOLIAN</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">83,478</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">GRENETA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">82,166</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">HYDRUS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">81,601</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">PHOENIX</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">81,569</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">BUILDER</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">81,541</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">FARMER</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">81,541</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">SAUVAN</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">79,700</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">MERCHIA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">63,585</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">DAWN</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">63,561</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">SEABIRD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">63,553</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>17</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ORION</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">63,473</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">DAMON</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">63,301</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ARYA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">61,424</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ALWINE<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">61,090</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">AUGUST<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">61,090</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ATHENA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">58,018</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ERACLE</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">58,018</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">PYTHIAS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">58,018</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NORMA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">58,018</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CURACAO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">57,937</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>27</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">URUGUAY</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">57,937</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>28</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">SERENA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">57,266</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>29</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">LIBRA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">56,701</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CLARA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2008</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">56,557</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>31</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">BERMONDI</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">55,469</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>32</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VERITY</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">37,163</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>33</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">PARITY</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">37,152</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>34</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ACUITY</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">37,152</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>35</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">EQUITY</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">37,071</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">BERNIS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">35,995</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>37</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">RESOURCE<SUP>(i) (ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">31,775</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(i) Denotes vessel free of debt.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(ii) Denotes vessel we have agreed to sell.</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Consolidated Statements of Income</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-months ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(Expressed in thousands of U.S. dollars, except share and per share amounts)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">REVENUES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Voyage revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">470,172</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">384,852</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Voyage revenue &ndash; related parties</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">55,689</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total voyage revenue</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">470,172</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">440,541</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income from investments in leaseback vessels</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,258</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,685</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total revenues</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">475,430</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">446,226</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Voyage expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(95,357</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(88,317</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Charter-in hire expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(144,349</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(111,518</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Voyage expenses &ndash; related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,634</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,337</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Vessels&rsquo; operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(59,657</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(58,003</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,193</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,330</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Management and agency fees &ndash; related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14,647</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13,996</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">General and administrative expenses &ndash; non-cash component</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,698</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,472</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Amortization of dry-docking and special survey costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,612</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,291</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(40,501</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(41,692</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Gain on sale of vessels, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">993</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Loss on vessel held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,669</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Vessel&rsquo;s impairment loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(179</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Foreign exchange gains / (losses)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,378</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">248</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">103,397</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">107,670</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">OTHER INCOME / (EXPENSES):</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8,313</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6,481</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Interest and finance costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(32,950</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(28,432</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Income from equity method investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">534</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain on derivative instruments, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">23,338</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15,061</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total other expenses, net</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(725</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(6,827</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">102,672</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">100,843</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Earnings allocated to Preferred Stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,681</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,114</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net Gain attributable to the non-controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(811</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(715</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Net Income available to common stockholders</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">94,180</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">95,014</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Earnings per common share, basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.79</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.79</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">Weighted average number of shares, basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">118,628,891</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">119,960,329</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>COSTAMARE INC.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Consolidated Balance Sheets</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(Expressed in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of March 31, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-decoration: underline">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Audited)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">CURRENT ASSETS:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">704,633</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">767,830</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Restricted cash</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,145</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,335</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Margin deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,221</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,873</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Short-term investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,499</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,696</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Investment in leaseback vessels, current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,561</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,586</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net investment in sales type lease (Vessels), current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,748</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,690</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,509</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">39,005</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Inventories</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">57,656</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">56,060</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Due from related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,014</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,858</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Fair value of derivatives</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,607</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,966</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Insurance claims receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,881</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,481</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Vessels held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,780</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Time-charter assumed</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">195</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">189</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Accrued charter revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,929</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,742</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Prepayments and other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">66,618</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">74,345</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,040,216</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,122,436</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">FIXED ASSETS, NET:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Vessels, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,387,012</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,336,837</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total fixed assets, net</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,387,012</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,336,837</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">NON-CURRENT ASSETS:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Investment in leaseback vessels, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">222,088</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">214,747</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Deferred charges, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71,807</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70,163</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Finance leases, right-of-use assets (Vessels)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,818</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,474</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net investment in sales type lease (Vessels), non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,734</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,187</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Operating leases, right-of-use assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">297,975</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">259,577</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Accounts receivable, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,560</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,560</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Due from related parties, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,175</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,175</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Restricted cash</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,158</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">53,891</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Fair value of derivatives, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,382</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,857</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Accrued charter revenue, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,688</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,875</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Time-charter assumed, non-current</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">74</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total assets</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">5,148,687</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">5,127,810</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: left">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">CURRENT LIABILITIES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Current portion of long-term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">317,865</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">335,056</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Finance lease liability</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,877</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,195</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Operating lease liabilities, current portion</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">205,172</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">191,906</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Accounts payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">49,425</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42,653</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Due to related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,833</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,990</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Accrued liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31,885</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31,947</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Unearned revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47,813</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">44,926</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Fair value of derivatives</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34,221</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,781</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">28,469</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31,417</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">745,560</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">724,871</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">NON-CURRENT LIABILITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Long-term debt, net of current portion</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,716,204</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,666,517</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Operating lease liabilities, non-current portion</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">87,424</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">61,332</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Fair value of derivatives, net of current portion</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,174</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">147</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Unearned revenue, net of current portion</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,620</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,047</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,099</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,405</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,834,521</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,758,448</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">COMMITMENTS AND CONTINGENCIES</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Temporary equity &ndash; Redeemable non-controlling interest in subsidiary</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,453</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,428</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">STOCKHOLDERS&rsquo; EQUITY:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Preferred stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Treasury stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(120,095</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(120,095</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,336,646</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,338,198</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Retained earnings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,279,605</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,360,708</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Accumulated other comprehensive income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,345</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,995</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Costamare Inc. stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,513,514</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,589,819</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57,545</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57,100</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,571,059</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,646,919</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">5,148,687</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">5,127,810</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Financial Summary</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(Expressed in thousands of U.S. dollars, except share and per share data)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Voyage revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">470,172</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">384,852</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Voyage revenue &ndash; related parties</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">55,689</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Total voyage revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">470,172</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">440,541</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accrued charter revenue (1)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">761</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(2,596</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Amortization of time-charter assumed</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">38</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(16</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total voyage revenue adjusted on a cash basis (2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">470,971</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">437,929</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Income from investments in leaseback vessels</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,258</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,685</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Adjusted Net Income available to common stockholders (3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">75,243</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">73,330</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Weighted Average number of shares </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">118,628,891</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">119,960,329</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Adjusted Earnings per Share (3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.63</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.61</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">102,672</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">100,843</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net Income available to common stockholders</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">94,180</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">95,014</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Weighted Average number of shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">118,628,891</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">119,960,329</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Earnings per share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.79</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.79</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(1) Accrued charter revenue represents the
difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with
escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received
will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(2) Total voyage revenue adjusted on a cash
basis represents Voyage revenue after adjusting for non-cash &ldquo;Accrued charter revenue&rdquo; recorded under charters with escalating
or descending charter rates. However, Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP.
We believe that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it presents the charter
revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under
our charter party agreements of our fleet are described in the notes to the &ldquo;Fleet List&rdquo; tables above.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(3) Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income
and Adjusted Earnings per Share.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Non-GAAP Measures</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt">The Company reports its financial results
in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may
provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods.
Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business
because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management
also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company&rsquo;s
performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the
three-month periods ended March 31, 2025 and 2024. Non-GAAP financial measures should be viewed in addition to, and not as an alternative
for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted
on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per Share.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Reconciliation of Net Income to Adjusted Net Income available to common stockholders and
Adjusted Earnings per Share</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">(Expressed in thousands of U.S. dollars, except share and per share data)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; font-weight: bold; text-align: left">Net Income</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">102,672</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">100,843</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Earnings allocated to Preferred Stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,681</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,114</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-Controlling Interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(811</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(715</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net Income available to common stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">94,180</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">95,014</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Accrued charter revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">761</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,596</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Deferred charter-in expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(357</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">General and administrative expenses - non-cash component</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,698</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,472</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Amortization of time-charter assumed</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(16</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Realized (gain) /loss on Euro/USD forward contracts (1)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(439</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">218</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Vessel&rsquo;s impairment loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">179</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Gain on sale of vessels, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(993</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Loss on vessel held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,669</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Non-recurring, non-cash write-off of loan deferred financing costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">182</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Gain on derivative instruments, excluding realized (gain) / loss on derivative instruments (1)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(22,057</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(25,323</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-cash items</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,873</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Adjusted Net Income available to common stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">75,243</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">73,330</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">Adjusted Earnings per Share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.63</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.61</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">Weighted average number of shares</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">118,628,891</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">119,960,329</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Adjusted Net Income available to common stockholders
and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and Non-Controlling Interest, but before
non-cash &ldquo;Accrued charter revenue&rdquo; recorded under charters with escalating or descending charter rates, deferred charter-in
expense, amortization of time-charter assumed, vessel&rsquo;s impairment loss, loss on vessels held for sale, realized (gain)/loss on
Euro/USD forward contracts, gain on sale of vessels, net , non-recurring, non-cash write-off of loan deferred financing costs, general
and administrative expenses - non-cash component, gain on derivative instruments, excluding realized (gain)/loss on derivative instruments
and other non-cash items. &ldquo;Accrued charter revenue&rdquo; is attributed to the timing difference between the revenue recognition
and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized
measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings
per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in
the evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted Earnings
per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating performance
and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income available to
common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures
and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons
unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted
Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments
in this presentation. Our presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share should
not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Items to consider for comparability include gains and charges. Gains positively impacting Net Income available
to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting
Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders.</TD></TR></TABLE>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">15<B>&nbsp;</B></P>









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